The Dubai Mercantile Exchange Limited ("DME" or the "Exchange") today announced that Thomas Leaver, who has been Chief Operating Officer (COO) of the DME since 1 May 2006, assumed the role of Chief Executive Officer (CEO) on 1 September 2008.
Gary King, the DME's outgoing CEO, has completed a phased handover of his responsibilities to Mr. Leaver. Mr. King's departure comes after the completion of a successful 12 months of trading and corporate development and the recently announced sale of strategic equity stakes in the Exchange to a number of key international financial institutions and energy trading firms.
Commenting on the announcement, Ahmad Sharaf, Chairman of the Dubai Mercantile Exchange, said: "Gary King and Thomas Leaver have worked together over the last 32 months to build a truly international and world class exchange. Our blue-chip shareholder and member base and the Exchange's ongoing growth as well as recognition of the flagship Oman Crude Oil Futures Contract as the third global benchmark for the pricing of crude oil are testament to their work. I extend my sincere thanks to Gary King whose efforts have been instrumental in the success of the DME."
Mr. Leaver is a leading energy industry veteran who brings an international perspective and more than 30 years experience to this role. I am confident that Mr. Leaver will build on the successes achieved to date and lead the Exchange through its next phase of development and growth."
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.