Dubai Mercantile Exchange Wins ‘Exchange Of The Year’

On Thursday evening DME (Dubai Mercantile Exchange) was named Energy Risk’s ‘Exchange of the Year’ at the magazine’s prestigious 2013 Asia awards. Hosted at the Grand Copthorne Waterfront Hotel in Singapore, the award recognised the significant achievements at DME over the past year, including growing trading volumes, an expanding membership base and a concerted marketing drive in Asia.
 
With oil consumption in Asia rising dramatically, DME has transformed itself into a globally relevant exchange, with its flagship Oman Crude Oil Futures Contract (DME Oman) now firmly established as the most credible crude oil benchmark relevant to the rapidly growing East of Suez market. In July 2013, the DME announced record trading volumes, with ADV reaching 7,381, equivalent to almost 7.4 million barrels of oil a day. As a result, the three-month period from June to August made for three of the four best ever months for the exchange.
 
On receiving the award, Christopher Fix, CEO of the DME said: "It really is great to be picking this award up for the team - a true recognition of their continued hard work in making DME one of the world’s most rapidly growing exchanges
 
”This award is a real endorsement of the unique nature of our DME Oman contract and our position as the only credible exchange able to bridge the expanding crude oil corridor between the Middle East and Asia.
“With healthy volumes, Exchange membership increasing and a physical presence in the Asia region we look forward to continuing to grow our footprint in the East.”
 
Further developments over the past twelve months saw the Exchange set up an office in Singapore in November 2012, recruiting Michelle Zhang as Head of Products and Services, Asia. With 40% of the crude oil traded on the DME now ending up in China, the link has been instrumental in developing the 20% rise in participant numbers that have taken place year-on-year. The addition of new trading members Reliance Industries Limited (RIL) and Mitsubishi Corp during the past year has also served as a major endorsement of DME Oman's position as the only quality benchmark for crude oil trading in the Asian markets.