Dubai: The Dubai Mercantile Exchange (DME) announced today that it had now reached the eight billion barrel-mark, with a total of eight million contracts (equivalent to eight billion barrels) traded on the exchange.
The increased interest in the DME’s value proposition, driven by new members from Asia and their participation, contributed to the exchange’s trading performance, enabling it to hit the new milestone this March despite the current challenging conditions being experienced across global oil markets.
The DME Oman contract currently is the largest physically delivered crude oil futures contract in the world.
“As the only exchange capable of bridging the most significant global crude oil corridor between the Middle East and Asia, the DME’s central role in providing a fair price discovery mechanism for crude oil heading east through the DME Oman contract, especially during these volatile times, has never been more important,” said Christopher Fix, chief executive officer of the DME.
“The DME has developed a great deal of trust among customers in Asia due to its transparent trading mechanism and strong regulation. This in turn has helped the exchange to register this impressive performance of reaching the eight billion barrels-traded-milestone.”
“The growth of the Asian derivatives market and the increased appetite for risk management and hedging has also benefited the DME,” said Fix. “The exchange looks forward to establishing a closer relationship with our expanding Asian customer base in order to maintain our upward trajectory in terms of trading growth.”
