RBS joins DME as clearing member
Dubai, April 8, 2013
RBS Securities, a US registered broker-dealer and an indirect wholly-owned subsidiary of The Royal Bank of Scotland, has become a clearing member of DME, the Middle East’s premier international energy futures and commodities exchange.
As a clearing member, RBS will guarantee the financial performance of trades carried out by the bank’s customers on the DME. All DME market participants are required to maintain an account with a DME Clearing Member.
Christopher Fix, the chief executive of DME, said, "Having a bank with such an international footprint as RBS joining our membership base underlines the central role DME is now playing in global oil trading."
"Clearing members underpin all the trading activity on our market, so adding an organization of RBS’s scale to their number marks a significant moment in DME’s development," he added.
Fix said the access to DME, the only exchange to reliably reflect the economics of Asia’s swelling demand for crude oil, is now recognized as an increasingly important part of the deck of services banks offer their global clients.
"As we continue to build a deep and liquid market in our flagship DME Oman contract - open interest reached a record 23,429 lots on March 26 - the size and scope of the membership ecosystem DME is developing will continue to grow," he noted.
Ramasamy Venkatesh, the global head of clearing at RBS, said, "We are pleased to join the DME as we continue to expand our futures clearing footprint. At RBS, we are always looking to serve our clients in the markets where they want to do business.”
All trading in DME contracts is cleared through CME Clearing, a division of CME Group.-TradeArabia News Service