Dubai Mercantile Exchange trading volumes reach new monthly record

14/09/2011 - Dubai Investment News Posted by Bob Brunskill
Dubai Mercantile Exchange trading volumes reach new monthly record

The Dubai Mercantile Exchange's trading volumes reached a new monthly record in August, figures show.As a result, the emirate has reinforced its position as the crude oil benchmark for investors everywhere east of the Suez Canal.Thomas Leaver, chief executive at the DME, commented: "We have been working on gaining acceptance of this as the benchmark for anything east of the Suez."The record volumes we have seen over the past few months reflects a greater use and recognition of the exchange."Although the Oman crude oil futures contract is the only commodity currently traded on the exchange, there are in the future plans to introduce other products.Earlier this week, Shaikh Mohammad Bin Rashid Al Maktoum, vice-president and prime minister of the UAE and ruler of Dubai, called on Dubai Chamber members to launch more programmes aimed at driving up global investment.This came shortly after Shaikh Mohammad visited the Dubai Chamber of Commerce and Industry.