The Dubai Mercantile Exchange Limited (DME) today announced the appointment of Greg Collins as Chief Compliance Officer (CCO) of the DME. Located within the Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority (DFSA), with further regulatory approvals, no objection or legal opinions from 23 other regulators, the DME brings global standards in commodity trading to the world's premier hydrocarbon region.
Greg Collins joins the DME with more than a decade of broad-based exposure across the financial services industry including funds management, private banking, investment banking and sales and trading. This includes global experience in the area of compliance across key international markets and financial centres in Australia, the United States, the United Kingdom and Japan.
Mr. Collins joins the DME from Merrill Lynch, where he spent seven years working in senior compliance roles. Most recently, he was Director of US Surveillance at the bank's New York headquarters. Previous roles at Merrill Lynch included Director, Corporate Compliance in New York and Head of Compliance for Merrill Lynch Investment Managers in Australia. Prior to joining the bank, Mr. Collins worked with Deutsche Asset Management, ING Mercantile Mutual and PricewaterhouseCoopers. Mr. Collins holds degrees in Law and Arts from the University of Queensland and is admitted to practice as a Barrister of the Supreme Court of Queensland.
As CCO of the DME, Greg Collins will work to ensure that the DME continues to operate according to the highest regulatory and financial standards and safeguards. His role will include ensuring that the Exchange complies with DFSA, ESCA, and CFTC regulations as well as maintaining relationships with an additional 21 international regulators that have recognised the DME since its launch in June 2007.
Commenting on the appointment, Ahmad Sharaf, Chairman of the Dubai Mercantile Exchange said: "We are delighted to welcome Greg Collins to the DME team. The appointment of an industry veteran with experience at some of the world's leading financial institutions continues to underscore the Exchange's commitment to operate according to the highest international standards."
DME Chief Executive Officer, Thomas Leaver added "Compliance is critical to the integrity of our Exchange as we seek to provide a highly efficient and transparent marketplace. We are confident that Mr. Collins's track record will keep the DME at the forefront of issues related to compliance and ensure that we continue to operate as a world-class exchange."
The DME currently lists its flagship DME Oman Crude Oil Future Contract, the only physically delivered Middle East sour crude oil futures contract, which is increasingly seen as a global benchmark for the pricing of Middle East sour crude oil. In addition, the Exchange recently launched its DME Brent Crude Oil Financial Contract and the DME Oman Crude Oil Financial Contract. To date, more than 400 million barrels of crude oil have been traded on the Exchange, a figure that continues to grow in line with strong interest, demand and growing participation on the DME.