Completing four years in operation today, the Dubai Mercantile Exchange (DME) is confident of evolving its flagship marker, DME Oman as a legitimate delivery-backed oil benchmark for the largest oil producing region in the world, Thomas Leaver, Chief Executive of the DME, told Gulf News in an interview.
Average daily volumes (ADV) for the DME Oman crude oil futures contract (DME Oman) through the first quarter stood at 3,000 contracts (equivalent to 3 million barrels of oil per day). Sustained liquidity and continued growth enabled the DME to set a new trading record in January, with an ADV of 3,570 contracts, the highest monthly figure since trading began on the DME in 2007.
Although the exchange experienced high volatility and reduced volumes in April, Leaver said DME volumes picked up momentum in May.
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