The Dubai Mercantile Exchange Limited (DME), a joint venture between Tatweer, a member of Dubai Holding, and the New York Mercantile Exchange Inc. (NYMEX), was delighted to welcome the The Right Honorable The Lord Mayor of London, Alderman John Stuttard, today.
The Lord Mayor was given a tour of the DME’s state-of-the-art trading floor and technological infrastructure and met with senior management of the DME. The Lord Mayor was accompanied by a delegation of over thirty business and community leaders from London.
As the head of the City of London Corporation, the Lord Mayor presides over its governing bodies and is the ambassador for the UK based financial services industry which is headquartered in the City. The Lord Mayor is also the President or Patron of many civic and charitable organisations.
The Lord Mayor is the latest in a string of high-profile visitors to the DME, set to become the Middle East’s first energy futures exchange. The DME was previously visited by the mayor of Seoul Korea and many regional dignitaries.
Ahmad Sharaf, Chairman of the DME Board of Directors and Senior Vice President, Energy & Healthcare – Tatweer said, “The DME is making enormous progress and is deservedly attracting high-level international attention. We are delighted that the international market is increasingly recognising the historical significance of the contracts being developed by the DME with its key strategic partners.”
The Dubai Mercantile Exchange Limited’s (DME) establishment of an exchange inside the Dubai International Finance Centre (DIFC) is subject to regulatory approval from the Dubai Financial Services Authority (DFSA) to be licensed as an Authorised Market Institution to operate as an exchange inside the DIFC. Furthermore, all clearing and settlement services to be provided by the New York Mercantile Exchange to DME are subject to the New York Mercantile Exchange becoming recognised by the DFSA to operate a remote clearinghouse in the DIFC and subject to the review and / or approval of the Commodity Futures Trading Commission. Until the above regulatory approvals have been granted, no trading on the DME will be permitted and no person will be admitted as a member of the DME.
About the Dubai Mercantile Exchange
The Dubai Mercantile Exchange Limited (DME), a joint venture between the New York Mercantile Exchange, Inc. (NYMEX) and Tatweer, aims to become the premier commodity and energy futures exchange in the Middle East, providing a financially secure, well-regulated and transparent trading environment.
The Exchange will initially develop and trade an Oman Crude Oil Futures Contract. This will address a growing market need for price discovery of Middle East Sour Crude Oil while simultaneously bridging the time zone gap between Europe and Asia by providing for the trading of energy futures, options and other products.
The DME will be a fully electronic exchange. However, in a unique concept, it will also bring together a community of traders that will operate from trading hubs and individual trading stations on the Exchange’s floor, which will be located within the Dubai International Financial Centre (DIFC), the region’s leading financial services centre.
The DME will be regulated by the Dubai Financial Services Authority (DFSA), a world class, independent regulator and all trades executed on the Exchange will be cleared through, and guaranteed by, NYMEX’s AA+ rated clearinghouse.
