Business | Oil & Gas
DME sets new daily record with 6,484 contracts
The Dubai Mercantile Exchange Limited (DME) announced on Wednesday that a total 6,484 contracts traded on the Exchange on Tuesday 13th January.
- Staff Report
- Published: 14:15 January 14, 2009
Dubai: The Dubai Mercantile Exchange Limited (DME) announced on Wednesday that a 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 per cent on the previous high of 4,819, reached on November 18, 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."
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
