DME hits trading record
Dubai, August 1, 2013
Dubai Mercantile Exchange (DME) has recorded average daily trading volumes (ADV) of 7,381 in July, equivalent to about 7.4 million barrels of oil a day.
The record surpasses the previous record of 6,978 ADV set in June and is 36 per cent higher than July last year and is a 6 per cent increase on last month.
Yearly ADVs have grown steadily since the DME was launched, leaping from 4,667 last year to 6,192 this year to date - over double the 2010 yearly ADV, said a statement.
Christopher Fix, chief executive, said: "At a time when many exchanges are seeing their volumes squeezed, DME continues to buck the trend. This record is testament to the market’s desire for transparent pricing for the East of Suez market, something our DME Oman contract is unique in offering.”
“With year-on-year volume growth of 15 per cent in the first seven months of 2013 and an expanding membership base – particularly from Asia - DME is now a critical part of the global crude oil trading complex, at the heart of the East of Suez crude oil corridor,” he added. - TradeArabia News Service