DME (Dubai Mercantile Exchange) today announced record average daily trading volumes ("ADV") of 7,450 lots in November 2013, equivalent to almost 7.5 million barrels of crude oil per day.
November’s total is 80% higher than November last year and is a 16% increase on last month. DME’s previous record performance was 7,381 ADV, which was set in July 2013. Yearly ADVs have grown steadily since the DME was launched, leaping from 4,667 last year to 6,350 this year to date.
DME also set two successive records for open interest in November. Records were achieved on both 25 and 26 November, with the highest level established at 24,750 lots, equivalent to almost 25 million barrels of crude oil. As well as the volume and open interest records, DME has also set a record for the number of participants actively trading on the Exchange.
Ahmad Sharaf, Chairman of the DME, 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, CEO of the DME, 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.”
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