Dubai Mercantile Exchange (DME) was named Energy Risk’s ‘Exchange of the Year’ at the magazine’s prestigious 2013 Asia awards.

Hosted at the Grand Copthorne Waterfront Hotel in Singapore, the award recognizes the significant achievements of the DME over the past year.

Since appointing a new leadership team in mid-2012, the DME has experienced a rapid growth in trading volumes, an increase in its membership base and an upsurge in interest from the Asian market.

DME has transformed itself into a globally relevant exchange, with its flagship Oman Crude Oil Futures Contract (DME Oman) now firmly established as the most credible crude oil benchmark in the rapidly growing East of Suez market, a statement said.

In July 2013, the DME announced record trading volumes, with ADV reaching 7,381, equivalent to almost 7.4 million barrels of oil a day. As a result, the three-month period from June to August made for three of the four best-ever months for the exchange.

Christopher Fix, chief executive of the DME said: "It really is great to be picking this award up for the team - a true recognition of their continued hard work in making DME one of the world’s most rapidly growing exchanges.”

“This award is a real endorsement of the unique nature of our DME Oman contract and our position as the only exchange able to bridge the expanding crude oil corridor between the Middle East and Asia.

“With healthy volumes, Exchange membership increasing and a physical presence in the Asia region we look forward to continuing to grow our footprint in the East,” he added.

Further developments over the past twelve months saw the Exchange set up an office in Singapore in November 2012, recruiting Michelle Zhang as head of Products and Services, Asia.

The addition of new trading members Reliance Industries and Mitsubishi Corp during the past year has also served as a major endorsement of DME Oman's position as a quality benchmark for crude oil trading in the Asian markets. – TradeArabia News Service