Marex North America, a subsidiary of Marex Spectron, the largest privately-owned broker of financial products in the commodities sector, has become a clearing member at Dubai Mercantile Exchange (DME).

A leading energy futures exchange in the Middle East, DME said its membership committee has given approval to Marex North America with effect from April 26.

Welcoming the group, DME chairman Ahmad Sharaf said, 'The commitment of Marex Spectron to the exchange is further evidence of growing market confidence in the DME and our flagship Oman futures contract.'

'We welcome Marex Spectron, a leader in brokering physical energy products, to the DME at an exciting time. With its extensive experience, global presence and exceptional client focus, Marex Spectron is a valuable addition to our membership,' he remarked.

'Following our recent shareholder realignment and recapitalisation, the Exchange continues to enjoy sustained and significant growth in trading volumes and liquidity. We look forward to the contribution of Marex Spectron to that ongoing success,' he added.

John Lowrey, the global head of DMA and electronic services at Marex Spectron, said: 'We are joining the DME in response to strong customer demand. Expanding the number of markets in which we provide clearing services to our clients, especially in Mena, continues to be an integral part of our business strategy.”

Marex Spectron Group, majority owned by JRJ Group and its partners, Trilantic Capital Partners and BXR Group, is a member of London Stock Exchange. The group is headquartered in London, with offices across the US, Asia and Europe.-TradeArabia News Service