DUBAI, UAE, December 3, 2013 /PRNewswire/ --
DME (Dubai Mercantile Exchange) today announced record average daily trading volumes ("ADV") of 7,450 lots in November 2013, equivalent to almost 7.5 million barrels of crude oil per day.
November's total is 80% higher than November last year and is a 16% increase on last month. DME's previous record performance was 7,381 ADV, which was set in July 2013. Yearly ADVs have grown steadily since the DME was launched, leaping from 4,667 last year to 6,350 this year to date.
DME also set two successive records for open interest in November. Records were achieved on both 25 and 26 November, with the highest level established at 24,750 lots, equivalent to almost 25 million barrels of crude oil. As well as the volume and open interest records, DME has also set a record for the number of participants actively trading on the Exchange.
Ahmad Sharaf, Chairman of the DME, said: "DME has had an excellent 2013 and has surpassed every previous record set by the Exchange. We are now looking to 2014 and we firmly expect to continue the DME's strong growth trajectory."
Christopher Fix, CEO of the DME, said: "All of the records represent excellent achievements, but I am particularly pleased to see the upturn in new trading participants. New traders are joining the Exchange every month and this is evidence of our growing status globally. The involvement of a large number of companies in the price discovery process is also a solid guarantee of fair pricing for buyers and sellers of Oman crude oil."
About DME
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
Media Contacts
TRACCS (PR agency)
Walid Majzoub
+971-4-3672530
[email protected]
TRACCS 24/7 Media Hotline: +971-50-9448389
For more information
Mayssam Hamadeh
Head of Corporate Communication, DME
+971-4-3655522
+971-50-6523754
[email protected]
SOURCE DME
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