The Dubai Mercantile Exchange Limited (DME) has reported new records recorded in January, and a positive upward trend in volumes since the transition of the DME's contracts to CME Globex®, the world's largest electronic trading platform.
DME Chairman Ahmad Sharaf commented, "The DME Oman Crude Oil Futures Contract clearly fulfills the market's need for transparency and fair value, as well as for a robust risk management mechanism in these volatile markets.
"Offering security to traders in times of credit uncertainty, through central counterparty clearing at NYMEX, as well as price transparency for crude oil destined for East of Suez markets, the DME has established an international presence with a strong customer base across the trading community and energy market participants."
DME CEO Thomas Leaver added, "This positive performance in the first week, combined with January's record highs in both volume of contracts traded on a given day, and levels of open interest, is an excellent indication of the international appetite for the DME Oman Crude Oil Futures Contract.
"The DME Oman Crude Oil Futures Contract has already been adopted by two regional producers, Dubai and Oman, in the official formulas for pricing of their crude oil. We continue to work closely with other regional national oil companies around the Middle East as the DME Oman Crude Oil Futures Contract continues to build in liquidity."
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