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The DME enjoyed another year of strong growth in 2011 despite a backdrop of unprecedented and challenging global events.
Liquidity increased significantly in 2011 with trading volumes rising by 19% year-on-year and daily volumes averaging at 3,505 contracts (3.5 million barrels per day) for the year. New records for average daily volume of 4,427 contracts (4.4 million barrels per day) and open interest were also set in July.
This growth was supported by the continued addition of new customers to the DME, reinforcing industry support and the growing acceptance of the DME Oman contract as the most robust and effective market driven price discovery and risk management tool for the East of Suez crude oil markets.
New records were also achieved for physical delivery, with 15.4 million barrels of Oman crude oil delivered through the exchange in September, clearly demonstrating the underlying linkage between DME Oman and the fundamentals of the oil market. Volumes physically delivered for the year averaged 12.12 million barrels per month, up slightly from 12.07 in 2010.
In September, the CFTC granted approval for DME Oman performance bond requirements to be calculated based on one-day price move analysis (versus 2-day previously) enabling our customers to access the same rate structure as those applied to the WTI and Brent contracts listed by the CME Group, a welcome benefit for DME customers.
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