DME approves Nanhua USA as clearing member

Dubai: Dubai Mercantile Exchange (DME) said it has approved Nanhua USA as a Clearing Member becoming the first China-headquartered clearing Member of the DME.

The move assumes significance in light of the strong interest in DME among Chinese oil traders and the impending launch of a new crude oil futures contract by the Shanghai International Energy Exchange Corporation (INE), the exchange said in a statement.

The DME signed an MOU with INE in 2014 to build a tighter relationship with its Asian customer base and to support the development of energy trading benchmarks within Asia.