Dubai Mercantile Exchange Sets New Trading Records

Dubai Mercantile Exchange (DME) has announced record average daily trading volumes (ADVs) for the month of November, with an 80 per cent rise on the same period last year.

Almost 7.5 million barrels of crude oil per day – 7,450 lots – were recorded last month, a 16 per cent rise on October.

DME’s previous record performance was 7,381 ADVs, which was set in July earlier this year.

Yearly ADVs have grown steadily since DME was launched, leaping from 4,667 last year to 6,350 this year to date.

“DME has had an excellent 2013 and has surpassed every previous record set by the Exchange,” said Ahmad Sharaf, chairman of DME.

“We are now looking to 2014 and we firmly expect to continue the DME’s strong growth trajectory.”

DME also set two successive records for open interest on November 25 and 26 with the highest level established at 24,750 lots, equivalent to almost 25 million barrels of crude oil.

As well as the volume and open interest records, DME also set a record for the number of participants actively trading on the Exchange.

Christopher Fix, CEO of DME, said: “All of the records represent excellent achievements, but I am particularly pleased to see the upturn in new trading participants.

“New traders are joining the Exchange every month and this is evidence of our growing status globally.

“The involvement of a large number of companies in the price discovery process is also a solid guarantee of fair pricing for buyers and sellers of Oman crude oil.”

DME is the premier international energy futures and commodities exchange in the Middle East.