DUBAI (Commodity Online) : Dubai Mercantile Exchange (DME) said it has won the ‘Best innovation by an exchange in the field of customer service, Middle East’ award from FOW, a leading global derivatives magazine.

The DME received the 2009 award for the successful migration of trading of the DME Oman Crude Oil Futures Contract (DME Oman) and DME Oman Crude Oil Financial Contract to CME Group’s Globex(CME Globex) platform.

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The move enhanced the global exposure of both DME contracts, not only making them easily accessible to customers in more than 80 countries but also opening up new possibilities for arbitrage and other sophisticated trading strategies on a single, virtually 24-hour platform.

The migration to CME Globex has made the world’s three key crude oil benchmarks, DME Oman, West Texas Intermediate (WTI), and Brent, available for the first time on a single platform.

The migration has contributed to significantly increased trading volumes, with the DME reporting a 58 per cent year-on-year increase in DME Oman average daily volumes during 2009.

Commenting on the award, Ahmad Sharaf, Chairman of the Dubai Mercantile Exchange, said “The DME is honoured to receive such recognition from our industry”.

The award acknowledges our collective efforts to connect our customers to a flexible and state-of-the-art trading platform that meets global customer requirements and ensures the greatest visibility and exposure of the DME Oman Contract, he added.

Thomas Leaver, Chief Executive Officer, DME, added, “This award is testament to our partners’ continuing dedication to customer service”.