Commodity OnlineDUBAI : Despite a lackluster perception of crude due to its falling prices, the Dubai Mercantile Exchange Limited (DME) announced today that a record total 6,484 contracts traded on the Exchange on Tuesday 13th January.
This marks a new DME record for volume of contracts traded on the Exchange on a given day, up 35% on the previous high of 4,819, reached on Nov 18th 2008.
Making the announcement, Ahmad Sharaf, Chairman of the DME said: "This achievement underlines the global recognition of the DME Oman Crude Oil Futures Contract as the third global benchmark for crude oil. The continued growth of this DME contract highlights the market’s desire for transparency and fair value in the pricing of crude oil for the East of Suez markets.”
Thomas Leaver, CEO of the DME, added: “These record volumes also reflect the confidence in the DME from international industry participants and global trading community. In these times of extreme credit risk, market participants look for the security afforded by NYMEX central counterparty clearing of DME contracts.
“Our migration to the CME Group Globex trading platform, due this quarter, will enable an even wider audience to participate in trading the DME Oman Crude Oil Futures Contract”, he added.
The Exchange has developed and trades the DME Oman Crude Oil Futures Contract, addressing the growing market need for price discovery of Middle East Sour Crude Oil while simultaneously bridging the time-zone gap between Europe and Asia by providing for the trading of energy futures, options and other products.
