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DME picks UK group for auctions business

DUBAI, October 13, 2015

The Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East, has selected London-based Elysian Systems as the technology provider for its new commodity auction business.

More than 200 banks, brokers and exchanges worldwide currently use Elysian technology to participate in global electronic markets and to receive real-time market data.

As per the deal, DME will employ Elysian’s auction software capacity to host spot auctions for physical energy products and other commodities in the Middle East and elsewhere.

Commenting on the deal, Owain Johnson, the managing director of DME, said: "DME is excited about this new auction capacity, which will enable the exchange to offer a very attractive solution to customers in the Gulf that are looking to buy or sell spot commodities in a transparent and fair manner."

“By partnering with Elysian, DME can bring proven best-in-class auction technology to this region for the first time,” he added.

David Hoff, the chief technology officer of Elysian Systems, said: "We are delighted to partner with DME to support their new spot auction business line. This is an exciting initiative for Elysian and DME and we look forward to signing up our first customers."

Elysian provides the auction technology that underpins the London Bullion Market Association’s spot silver auction – a key global benchmark.-TradeArabia News Service




Tags: DME | UK | Auction |

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