The Dubai Mercantile Exchange (DME), the leading energy futures exchange in the Middle East, announced today that its Membership Committee has approved the application of Marex North America LLC to become a Clearing Member with effect from April 26, 2012.
Marex North America is a subsidiary of Marex Spectron, the world’s largest privately owned broker of financial products in the commodities sector and a leader in brokering physical energy products. Marex Spectron becomes the 20th Clearing Member of the Exchange.
Ahmad Sharaf, Chairman of the DME, commented: "The commitment of Marex Spectron to the Exchange is further evidence of growing market confidence in the DME and our flagship Oman futures contract.
"We welcome Marex Spectron to the DME at an exciting time. With its extensive experience, global presence and exceptional client focus, Marex Spectron is a valuable addition to our membership. Following our recent shareholder realignment and recapitalisation, the Exchange continues to enjoy sustained and significant growth in trading volumes and liquidity. We look forward to the contribution of Marex Spectron to that ongoing success.”
John Lowrey, Global Head of DMA and Electronic Services at Marex Spectron, said: "We are joining the DME in response to strong customer demand. Expanding the number of markets in which we provide clearing services to our clients, especially in MENA, continues to be an integral part of our business strategy.”
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