New records achieved as Exchange announces update for the third quarter
Dubai, UAE - November 3, 2010: The Dubai Mercantile Exchange (DME) today announced its third quarter trading update, headlined by record average daily volumes and open interest levels.
The average daily volume during the quarter was 2,777 contracts, up from 1,522 contracts during the same period in 2009. This significant year-on-year increase of 82% is further demonstration of the increased confidence in the DME Oman contract as the most transparent price discovery and risk management tool for the East of Suez crude oil markets.
The quarter also saw DME Oman achieve a new record for physical delivery, with 41.4 million barrels of oil delivered through the Exchange. Within that total was a monthly record of 15.1 million barrels for physical delivery in September, surpassing the previous high of 14.1 million barrels set for delivery in August this year.
Further, as announced earlier this quarter, open interest levels hit a record of 21,797 contracts on 30 September, indicating increased market depth and industry acceptance in DME Oman as a long-term risk management tool.
The DME also announced plans to introduce a full suite of Oman-related risk management products, including DME Oman related swaps and options contracts, to the market in the very near future.
Thomas Leaver, Chief Executive Officer of the DME, commented: "The industry update issued by the DME today demonstrates the robust growth of the Exchange and the value it creates for our stakeholders. With new records in volumes and physical delivery, a secure regulatory framework, and the imminent launch of exciting new products in collaboration with CME Group, the DME Oman contract continues to strengthen its reputation as the most effective benchmark for the East of Suez crude oil markets".
The DME was launched in June 2007 with the goal of bringing fair and transparent price discovery and efficient risk management to East of Suez, the world's fastest growing commodities market and the largest crude oil supply/demand corridor in the world. Today, DME Oman is the explicit and sole benchmark for Oman and Dubai crude oil Official Selling Prices (OSP), the historically established markers for Middle East crude oil exports to Asia Pacific.
Please click here to see the update.