DME sets new trading records
Dubai, December 3, 2013
Dubai Mercantile Exchange (DME) has recorded 80 per cent higher trading volume in November, as compared to the same period last year.
It recorded an average daily trading volume of 7,450 lots in November, equivalent to almost 7.5 million barrels of crude oil per day, up 16 per cent on October, said a DME statement.
The exchange’s previous record performance was 7,381 trading volumes, which was set in July, it said.
DME also set two successive records for open interest in November, with the highest level established at 24,750 lots, equivalent to almost 25 million barrels of crude oil, besides a record for the number of participants actively trading on the exchange.
Chairman Ahmad Sharaf said: "DME has had an excellent 2013 and has surpassed every previous record set by the exchange. We are now looking to 2014 and we firmly expect to continue the DME’s strong growth trajectory.”
Christopher Fix, the CEO, 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.” - TradeArabia News Service