Dubai Mercantile Exchange Celebrates Five Years of Consistent Growth in Trading Volumes
DUBAI, August 14, 2012 /PRNewswire/ –
Dubai Mercantile Exchange (DME) is this month celebrating its fifth anniversary. Since
its launch in June 2007, DME has established itself as the premier international energy
futures and commodities exchange in the Middle East, recording consistent year-on-year
trading growth. The Oman Crude Oil Futures Contract (DME Oman), the Exchange’s flagship
contract, is now the most credible oil benchmark relevant to the Asian market.
In 2012, trades on DME passed the 3 billion barrel mark, with a total of 3.478 million
contracts (eqv. 3.478 billion barrels) traded on the Exchange and annual average daily
volumes growing at an annual compounded rate of 31%. Volumes for DME Oman have surged in
the first half of 2012, reaching a record 141,129 contracts (141.129 million barrels) in
May, an increase of nearly 17,967 contracts over the previous record in April of the same
year, and an impressive 78% growth over the same period in 2011.
DME’s Chairman Ahmad Sharaf, said:
“Our consistent growth in trading volumes over the last five years – a trend that has
accelerated in 2012 – is an indication of the growing importance of Asian demand for oil
in the global marketplace.
“This growth in demand drove the need for a credible crude oil benchmark for global
oil sales to Asia, and that’s exactly what DME Oman is providing. After five successful
years managing DME Oman, the largest physically delivered oil futures contract in the
world, the contract has become the world’s third official benchmark for oil trading,
alongside West Texas Intermediate (WTI) and Brent.
“Operating in a regulated environment, DME provides easy entry into the world’s
fastest growing commodities market and the largest crude oil supply/demand corridor in the
world. With enhanced resources, the backing of our shareholders and five years of
sustained success behind us, the DME Oman contract and DME are perfectly positioned to go
from strength to strength over the next five.”
A joint venture between Dubai Holding, Oman Investment Fund (OIF) and CME Group, DME
is the premier energy focused exchange in the Middle East. DME Oman is the sole and
explicit benchmark for Oman and Dubai crude oil Official Selling Prices (OSPs),
historically established markers for Middle Eastern crude oil exports to Asia.
DME is regulated by the Dubai Financial Services Authority (DFSA) with recognition or
no action letters from more than 20 other regulatory jurisdictions in key oil trading
centers. A significant proportion of trades on the DME are converted into physical
delivery, and the amount of trading in DME Oman ensures the OSP is a true reflection of
The Dubai Mercantile Exchange Limited (DME) is the premier international energy
futures and commodities exchange in the Middle East, providing a financially secure,
well-regulated and transparent trading environment. The DME is majority owned by core
shareholders CME Group, the Oman Investment Fund (OIF) and Dubai Holding. Global financial
institutions and energy trading firms including Goldman Sachs, JP Morgan, Morgan Stanley,
Shell, Vitol and Concord Energy also have equity stakes in the DME.
The exchange has developed and trades the DME Oman Crude Oil Futures Contract along
with related swops contracts, addressing the growing market need for price discovery of
sour crude oil destined for East of Suez markets, while simultaneously bridging the
time-zone gap between Europe and Asia. Launched in June 2007, DME Oman is the largest
physically delivered crude oil futures contract in the world.
The DME is a fully electronic exchange, and its contracts are listed on the CME
Globex(R) platform, the world’s leading electronic trading platform, providing access to
the broadest array of futures and options products available on any exchange. The DME is
regulated by the Dubai Financial Services Authority (DFSA).
For the latest trading volumes on the DME, please visit: http://www.dubaimerc.com
Historical DME trading data can be found at:
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Media Contacts: DME Heather Astbury, Director Corporate Communications +971-506523754 (mobile) email@example.com Fishburn Hedges (PR agency) Alastair Fairbrother/James Lusher/Mike Harris +44(0)20-7839-4321 firstname.lastname@example.org
SOURCE Dubai Mercantile Exchange