ID :
174906
Tue, 04/12/2011 - 14:04
Auther :
Shortlink :
https://oananews.org//node/174906
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Two billion barrels of oil traded through DME since 2007
Dubai, April 12, 2011 (WAM) - The Dubai Mercantile Exchange Limited (DME) yesterday released its review of the first quarter of 2011, a period which saw new records set and a major landmark achieved with a cumulative total of two billion barrels of oil traded through the exchange since its launch.
Average daily volumes (ADV) for the DME Oman Crude Oil Futures Contract (DME Oman) through the first quarter stood at 3,000 contracts (equivalent to three million barrels of oil per day). Sustained liquidity and continued growth enabled the DME to set a new trading record in January, with an ADV of 3,570 contracts, the highest monthly figure since trading began in 2007.
Market interest in the exchange was further enhanced through the launch of two new DME-Oman linked contracts by the CME Group in February i.e. DME Oman Crude Oil vs. Dubai (Platts) Swap Futures Contract and ICE Brent (Singapore Marker) vs. DME Oman Crude Oil Swap Futures Contract Both contracts are cash settled and build on the DME-Oman linked suite, which comprises a further six contracts launched by CME Group in December 2010. All of these contracts are presently available for clearing through CME ClearPort and will be available for clearing on CME Clearing Europe. The contracts are listed by and subject to the rules of NYMEX.
Underpinning the DME's steady growth is the continued recognition of the exchange as a marketplace through which buyers and sellers can achieve true price discovery. Ongoing volatility in global oil markets and the growing transparency and risk management requirements of participants is placing even greater importance on the price discovery mechanisms offered by regulated exchanges such as the DME.
Thomas Leaver, Chief Executive of the DME, said in a statement here yesterday that "The enduring strength of our trading volumes during this period demonstrates the essential role that the DME plays in delivering transparency and security to our customers. This positions us well for future growth and shows the value placed by the market on our Oman contract and other linked products. - Emirates News Agency, WAM
Average daily volumes (ADV) for the DME Oman Crude Oil Futures Contract (DME Oman) through the first quarter stood at 3,000 contracts (equivalent to three million barrels of oil per day). Sustained liquidity and continued growth enabled the DME to set a new trading record in January, with an ADV of 3,570 contracts, the highest monthly figure since trading began in 2007.
Market interest in the exchange was further enhanced through the launch of two new DME-Oman linked contracts by the CME Group in February i.e. DME Oman Crude Oil vs. Dubai (Platts) Swap Futures Contract and ICE Brent (Singapore Marker) vs. DME Oman Crude Oil Swap Futures Contract Both contracts are cash settled and build on the DME-Oman linked suite, which comprises a further six contracts launched by CME Group in December 2010. All of these contracts are presently available for clearing through CME ClearPort and will be available for clearing on CME Clearing Europe. The contracts are listed by and subject to the rules of NYMEX.
Underpinning the DME's steady growth is the continued recognition of the exchange as a marketplace through which buyers and sellers can achieve true price discovery. Ongoing volatility in global oil markets and the growing transparency and risk management requirements of participants is placing even greater importance on the price discovery mechanisms offered by regulated exchanges such as the DME.
Thomas Leaver, Chief Executive of the DME, said in a statement here yesterday that "The enduring strength of our trading volumes during this period demonstrates the essential role that the DME plays in delivering transparency and security to our customers. This positions us well for future growth and shows the value placed by the market on our Oman contract and other linked products. - Emirates News Agency, WAM
