DUBAI, September 30, 2013 /PRNewswire/ --
DME (Dubai Mercantile Exchange) was named Energy Risk's 'Exchange of the Year' at the magazine's prestigious 2013 Asia awards.
Hosted at the Grand Copthorne Waterfront Hotel in Singapore, the award recognizes the significant achievements of the DME over the past year. Since appointing a new leadership team in mid-2012, the DME has experienced a rapid growth in trading volumes, an increase in its membership base and an upsurge in interest from the Asian market.
As oil consumption in Asia rises dramatically, DME has transformed itself into a globally relevant exchange, with its flagship Oman Crude Oil Futures Contract (DME Oman) now firmly established as the most credible crude oil benchmark in the rapidly growing East of Suez market.
In July 2013, the DME announced record trading volumes, with ADV reaching 7,381, equivalent to almost 7.4 million barrels of oil a day. As a result, the three-month period from June to August made for three of the four best-ever months for the exchange.
On receiving the award, Christopher Fix, Chief Executive of the DME said:
"It really is great to be picking this award up for the team - a true recognition of their continued hard work in making DME one of the world's most rapidly growing exchanges.
"This award is a real endorsement of the unique nature of our DME Oman contract and our position as the only exchange able to bridge the expanding crude oil corridor between the Middle East and Asia.
"With healthy volumes, Exchange membership increasing and a physical presence in the Asia region we look forward to continuing to grow our footprint in the East."
Further developments over the past twelve months saw the Exchange set up an office in Singapore in November 2012, recruiting Michelle Zhang as Head of Products and Services, Asia. The addition of new trading members Reliance Industries Limited (RIL) and Mitsubishi Corp during the past year has also served as a major endorsement of DME Oman's position as the only quality benchmark for crude oil trading in the Asian markets.
DME is the premier international energy futures and commodities exchange in the Middle East. It aims to provide oil producers, traders and consumers engaged in the East of Suez markets with transparent pricing of crude oil.
Launched in 2007, DME has rapidly grown into a globally relevant exchange. Its flagship Oman Crude Oil Futures Contract (DME Oman) contract is now firmly established as the most credible crude oil benchmark relevant to the rapidly growing East of Suez market. Reflecting the economics of the Asian region like no other contract, and the largest physically delivered crude oil futures contract in the world, DME Oman is the world's third crude oil benchmark and the sole benchmark for Oman and Dubai exported crude oil.
DME is a fully electronic exchange, with regulatory permissions allowing access from more than 20 jurisdictions, including the major financial centers of Asia, Europe and the United States. The Exchange is located within the Dubai International Financial Center (DIFC), a financial free zone designed to promote financial services within the UAE. The DME is regulated by the Dubai Financial Services Authority and all trades executed on the DME are cleared through and guaranteed by CME Clearing.
DME is a joint venture between Dubai Holding, Oman Investment Fund and CME Group. Global financial institutions and energy trading firms including Goldman Sachs, JPMorgan, Morgan Stanley, Shell, Vitol and Concord Energy also hold equity stakes in the DME. http://www.dubaimerc.com
TRACCS (PR agency)
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