DME Hits New Record With Daily Average Of 2,624 Contracts Traded In October 2009
Trading volumes have grown by 58% during 2009, says Exchange
DUBAI – November 2nd 2009: The Dubai Mercantile Exchange (DME) today announced that a record average daily volume (ADV) of 2,624 contracts was achieved in its flagship DME Oman Crude Oil Futures contract (DME Oman) during the month of October 2009.
The DME also reported a 58 per cent year on year increase in DME Oman average daily volumes during 2009, averaging at 2,012 contracts.
The new record ADV in October 2009 surpasses the previous high of 2,421 contracts achieved in June 2009. That same month also saw the DME attain a new daily volume record of 8,076 contracts traded on 23rd June 2009, following the Dubai Petroleum Authority’s announcement that it would set its Official Selling Prices (OSPs) based on monthly differentials to DME Oman settlements.
DME Chairman Ahmad Sharaf commented:
This positive news is yet further demonstration of growing market confidence in the DME Oman contract. Increasingly regarded as the fairest and most transparent pricing benchmark in the East of Suez region, it already provides the basis for the Official Selling Prices of Oman and Dubai crudes, the historically established markers in the East of Suez. We look forward to reaching further milestones during our third year of trading.
Thomas Leaver, Chief Executive Officer of the DME, added:
New records are always welcome and demonstrate the steady progress made in the 29 months since our launch. Significantly, in addition to a record average daily volume in October, we have seen sustained long-term growth in volumes over the past year by 58 per cent, reflecting the increasing support of our strong international customer base and the growing confidence in the DME from a wide range of market participants.
Notes to Editors:
About the Dubai Mercantile Exchange
The Dubai Mercantile Exchange Limited (DME) is the premier international energy futures and commodities exchange in the Middle East, providing a financially secure, well-regulated and transparent trading environment. Majority owned by core shareholders the CME Group, Tatweer (a member of Dubai Holding), and the Oman Investment Fund (OIF), the DME also released an equity stake of up to 20% in August 2008 to a strategic investor group including leading global financial institutions and energy trading firms such as Goldman Sachs, Morgan Stanley, J.P. Morgan, Vitol, Shell and Concord Energy.
The Exchange has developed and trades the DME Oman Crude Oil Futures Contract, addressing the growing market need for price discovery of sour crude oil destined for East of Suez markets, while simultaneously bridging the time-zone gap between Europe and Asia. Launched in June 2007, the contract has averaged 2,012 contracts per day during 2009, and hit a one day high of 8,076 contracts on June 23rd 2009, up on the previous high of 6,484 contracts recorded on January 13th 2009.
The DME is a fully electronic exchange, and its contracts are listed on the CME Globex platform, the world’s leading electronic trading platform, providing access to the broadest array of futures and options products available on any exchange. The DME is regulated by the Dubai Financial Services Authority, a world class, independent regulator, and all trades executed on the Exchange are cleared through, and guaranteed by, the NYMEX (A member of CME Group) AA+ rated clearinghouse which is licensed as a Recognised Body by the DFSA.
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