Dubai Mercantile Exchange (DME) has approved Macquarie Futures USA as a clearing member, to clear and settle trades carried out by its regional and international customers on DME.

Macquarie Group’s Futures Division is a specialist institutional futures broker with operations in Australia, Asia, the UK, the US and Canada, providing clients with market coverage in listed and OTC derivatives, reported Emirates news agency Wam.

It currently provides clearing services to a diverse range of clients including institutions and corporations, asset managers, producers, CTAs and investment banks around the world, and holds in excess of $3 billion in futures client funds.

"DME Oman is witnessing record participation from traders this year due to its transparency and genuine representation of the oil market in the Middle East and Asia," said Raid Al-Salami, managing director, DME.

 "We are very pleased to have Macquarie Futures USA join us as a Clearing Member. This will help support still greater liquidity for our customers and allow DME to continue its expansion and growth momentum."

The move highlights the growing interest in DME Oman among a large and diversified pool of traders from around the globe. In 2019 more than 120 customers have traded the contract, which has contributed to a remarkable 45 percent growth in forward trading.

Andrew Stewart, global head of Futures at Macquarie Group, said: "Becoming a clearing member on such a key energy futures and commodities exchange is part of our ongoing commitment to the commodities sector. This approval as a clearing member will enable us to provide a wider range of clearing services to clients wanting to trade these products on this growing exchange."