Dubai Mercantile Exchange (DME), a leading international energy futures and commodities exchange in the Middle East, has announced the approval of Straits Financial as a clearing member.

Straits Financial is a futures commission merchant (FCM) registered with the Commodity Futures trading Commission (CFTC) and the National Futures Association (NFA). Together with other subsidiaries under Straits Financial Group, it offers a wide range of services including execution, brokerage, clearing and electronic trading, providing clients the gateway to trade in the world’s leading exchanges, a statement said.

DME has set a number of records in recent months. The exchange continued its growth curve in the first six months of 2014 with its flagship DME Oman Crude Oil Futures Contract (DME Oman) posting an average daily volume trading growth of over 52 per cent with 9,143 lots per day, it said.

Christopher Fix, chief executive of DME, said: “I am very pleased to welcome Straits Financial LLC on board as a clearing member. I see great potential in this mutually rewarding partnership to expand our volumes and enhance market access to our flagship DME Oman Contract which is the most relevant oil benchmark for the Asian market.” – TradeArabia News Service