Advantage Futures joins DME as clearing member
Dubai, April 1, 2014
Advantage Futures, a leading futures brokerage firm, has been approved as a clearing member of the Dubai Mercantile Exchange, a leading energy futures exchange in the Middle East.
As a clearing member, Advantage Futures will guarantee the financial performance of trades carried out by its customers on the DME.
All DME market participants are required to maintain an account with a DME clearing member and all trading in DME contracts is cleared through CME Clearing, a division of CME Group.
Chicago-based Advantage Futures, which was founded in 2003, has processed over 2.9 billion futures contracts since its launch and the firm has processed over 296 million contracts last year alone.
Christopher Fix, chief executive officer of DME, said: “I am excited to welcome Advantage Futures as a DME clearing member. Any futures exchange is only as strong as its clearing members and so I am very happy to see a highly respected futures brokerage like Advantage join the exchange.”
Joe Guinan, chairman and CEO of Advantage Futures, said: “Advantage is committed to providing its clients fast, reliable routes to as many markets as possible and we are excited about the growth potential of DME Oman crude oil futures.
“All of the team remain committed to meeting our clients’ evolving needs through superior technology, responsive risk management, customisable back office operations and highly personalised client services.” - TradeArabia News Service