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
More Finance & Capital Market Stories
- More support for Islamic banking urged
- Bahrain to set new takaful rules by year-end
- Oman fiscal surplus widens to $1.4bn
- Al khaliji opens new branch in Doha
- Bayzat launches online DBR calculator
- Dubai bourse tops 3,000 for first time in 5 years
- Bahrain mulls solvency rules for Takaful industry
- LuLu Exchange opens 3rd branch in Bahrain
- Saudi economic growth picks up in Q3
- GIH picks ex-Barclays banker as investment head