Dubai Mercantile Exchange achieves new records

February 6, 2008

The Dubai Mercantile Exchange (DME) has a strong start of 2008 with the setting of a new monthly volume record and achieving the highest level of open interest in its benchmark Oman Crude Oil Futures Contract since the launch of the Exchange in June of last year. The DME’s Oman Crude Oil Futures Contract traded a record total of 42,903 contracts during January, surpassing the previous monthly volume high of 42,568 set during November’s trading.

Another new record. Open interest on the DME at the close of January trading stood at 13,773, surpassing by 2,713 contracts the previous monthly high of 11,060 recorded in November 2007. Open interest is the number of futures contracts entered into but not yet liquidated by an offsetting transaction or by delivery, and is regarded as a leading indicator of success by the industry.

The Dubai Mercantile Exchange Limited, a joint venture between Tatweer, a member of Dubai Holding, the New York Mercantile Exchange, Inc. (NYMEX) and the Oman Investment Fund (OIF) is the premier international energy futures and commodities exchange in the Middle East, uniquely positioned to provide price transparency and market liquidity for crude oil from the world’s foremost oil producing and exporting region.

The Exchange has developed and lists the Oman Crude Oil Futures Contract, addressing the growing market need for price discovery of Middle East Sour Crude Oil while simultaneously bridging the time-zone gap between Europe and Asia and North America. Furthermore, the establishment of the DME is also intended to strengthen Dubai’s ties with the international finance and commodities trading communities.

Written by Reinout Ebskamp · Filed Under Economy & Investments