ID :
156939
Wed, 01/12/2011 - 17:44
Auther :
Shortlink :
https://oananews.org//node/156939
The shortlink copeid
Dubai Mercantile Exchange records 35 per cent increase in trading volume in 2010
Dubai, Jan 12, 2011 (WAM)- The Dubai Mercantile Exchange Limited (DME) yesterday released its annual review for 2010, reporting a 35 per cent year-on-year increase in trading volumes and record levels of open interest.
Average daily volumes (ADV) for the DME Oman Crude Oil Futures Contract (DME Oman) reached 2,898 contracts traded (equivalent to 2.9 million barrels of oil per day), with a high of more than 3,000 ADV during the fourth quarter. The DME also set a new record for physical delivery in September 2010, with 15.1 million barrels delivered through the exchange during the month.
The year's record performance reflects strong continued progress for the DME and reinforces the DME Oman contract's position as the most efficient price discovery and risk management tool for the East of Suez crude oil markets. Today, more than 50 companies trade regularly on the exchange while in excess of 140 million barrels of crude oil were delivered through the DME during 2010.
The DME's role as a provider of risk management capabilities has been enhanced in 2010 through the launch of six DME Oman-linked swap and option contracts by NYMEX, part of the CME Group.
The introduction of these new products enables the DME to provide a mechanism for industry participants to manage price risk more effectively in the Middle East and Asia Pacific markets while also offering investment options to new participants looking for exposure to Middle Eastern crude oil bound for East of Suez markets.
Commenting on the year's performance, Ahmad Sharaf, Chairman of the DME, said " During 2010 the DME maintained and consolidated its position as the most effective benchmark for crude oil in the Middle East and Asia. At a time when Asian oil markets continue to grow rapidly, overtaking consumption levels in Europe and North America, we are confident that both the importance of the DME Oman contract, and the role that it can play within the global market, will continue to grow still further."
Thomas Leaver, Chief Executive of the DME, said "The progress that we continue to make is very encouraging and demonstrates the underlying strength of the contract. The fundamentals on which the exchange is built, together with the ongoing growth in demand for our products and the enduring strength of our target markets, give us confidence that we can continue to develop and build the DME further as we move into 2011. - Emirates News Agency, WAM
Average daily volumes (ADV) for the DME Oman Crude Oil Futures Contract (DME Oman) reached 2,898 contracts traded (equivalent to 2.9 million barrels of oil per day), with a high of more than 3,000 ADV during the fourth quarter. The DME also set a new record for physical delivery in September 2010, with 15.1 million barrels delivered through the exchange during the month.
The year's record performance reflects strong continued progress for the DME and reinforces the DME Oman contract's position as the most efficient price discovery and risk management tool for the East of Suez crude oil markets. Today, more than 50 companies trade regularly on the exchange while in excess of 140 million barrels of crude oil were delivered through the DME during 2010.
The DME's role as a provider of risk management capabilities has been enhanced in 2010 through the launch of six DME Oman-linked swap and option contracts by NYMEX, part of the CME Group.
The introduction of these new products enables the DME to provide a mechanism for industry participants to manage price risk more effectively in the Middle East and Asia Pacific markets while also offering investment options to new participants looking for exposure to Middle Eastern crude oil bound for East of Suez markets.
Commenting on the year's performance, Ahmad Sharaf, Chairman of the DME, said " During 2010 the DME maintained and consolidated its position as the most effective benchmark for crude oil in the Middle East and Asia. At a time when Asian oil markets continue to grow rapidly, overtaking consumption levels in Europe and North America, we are confident that both the importance of the DME Oman contract, and the role that it can play within the global market, will continue to grow still further."
Thomas Leaver, Chief Executive of the DME, said "The progress that we continue to make is very encouraging and demonstrates the underlying strength of the contract. The fundamentals on which the exchange is built, together with the ongoing growth in demand for our products and the enduring strength of our target markets, give us confidence that we can continue to develop and build the DME further as we move into 2011. - Emirates News Agency, WAM
