DME Experiences Record Growth
Monday, January 23, 2012
It has recently been announced that the Dubai Mercantile Exchange Limited (DME) has recorded trading volume growth of 19% in 2011.
The DME has reported that it delivered more than 145 million barrels of crude oil during 2011, with an underlying increase in Average Daily Volume (ADV) to 3,505 contracts per day. These were the highest figures seen by the DME since the exchange began trading in 2007, with new records on total volume being set in consecutive months during July and August.
DME Oman’s position as the world’s leading physically delivered crude oil provider is also being maintained, with strong growth and monthly records being set throughout 2011.
In spite of ongoing market volatility and the uncertain growth trajectory of Asian crude oil markets, the DME has managed to maintain business and trade with its clients. Fifty six companies now trade regularly through the exchange, representing the key stakeholders in the East of Suez crude oil markets.
In September, the CFTC granted approval for DME performance bond requirements to be reduced from a two-day to a one-day calculation enabling customers to enjoy the same rates as those applied to the WTI and Brent contracts on CME Globex.
The CEO of the DME, Thomas Leaver, commented on the recent business success:
“The DME continues to blaze a trail for others to follow. During the coming year it will be even more important to encourage better and fairer ways of pricing crude oil across global markets so that customer and participant confidence in the sector’s status as a core economic barometer is maintained and enhanced.”
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