DUBAI MERCANTILE EXCHANGE ANNOUNCES KEY SENIOR MANAGEMENT APPOINTMENTS
The Dubai Mercantile Exchange Limited (DME) today announced the further strengthening of its leadership team with the appointment of Thomas Leaver as Chief Operating Officer and Sarah Watts as Chief Compliance Officer.
These appointments represent yet another important step in the DME’s efforts to establish a world class exchange, operating in accordance with the highest international regulatory standards.
The DME, to be located within the Dubai International Financial Centre (DIFC) and regulated by the Dubai Financial Services Authority (DFSA), is set to launch in the fourth quarter of 2006. It will be the region’s first international energy exchange and has recently announced plans for the trading of an Oman-backed physical crude oil futures contract.
Tom Leaver is a leading energy industry executive and brings to the DME more than 20 years of experience in global refining, marketing, crude oil and petroleum product trading, marine transportation and logistics.
As Chief Operating Officer, Tom has a wide range of management responsibilities and will work closely with Chief Executive Officer Gary King. His primary focus during this crucial stage in the DME’s development will be completion of the drafting of the Oman Crude Oil Futures Contract in concert with key industry focus groups, the completion of the exchange facility, installation of the IT systems, marketing, public relations and future product development.
Prior to his appointment by the DME, Tom held a number of senior roles, most recently as Senior Fund Manager of RAB Capital’s commodities energy fund. He has also been an external consultant for McKinsey & Company, advising mainly national oil companies in the Middle East, Europe and North America. Previously, Tom held senior management roles with the global trading arms of TransCanada Pipelines Ltd and Finnish national oil company Neste Oy.
Joining as Chief Compliance Officer, Sarah Watts brings with her a wealth of industry and financial regulation experience. As the DME takes the necessary steps to introduce the highest regulatory and financial standards and safeguards, Sarah’s role will be to ensure that the Exchange complies with DIFC, DFSA, CFTC as well as many other international financial regulators. In addition to managing the DME’s Compliance department, Sarah will also manage and coordinate DME Membership, all DME training and the DME Academy.
Sarah has worked in the commodities sector for 12 years and joined the DME from Standard Bank Plc, where she was Senior Compliance Manager with global oversight of Resource Banking, Asset Management, and Private Client Services. Before her employment at Standard Bank, Sarah worked in the Market Surveillance Division of the London Metal Exchange Ltd having previously worked at the Japan Metal Centre (JETRO) from 1994 to 1997. Sarah is currently the holder of the UK Complinet’s “Most Effective Compliance Trainer at a Regulated Firm” award.
Commenting on these two key appointments, DME Chief Executive Officer, Gary King said: “We are delighted to welcome Tom and Sarah to our team. Their appointments demonstrate our determination to bring the best industry talent to the DME and they join us at an exciting time in its development. We are confident that both Tom and Sarah will make significant contributions to our success as we work towards the launch of the Exchange in the fourth quarter of 2006. ”
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.
Expected to launch in the fourth quarter of 2006, the Exchange will initially develop and trade a Middle East Sour 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.
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