DME Approves Direct Access USA as a New Clearing Member

Press release

Published January 2nd, 2020 - 10:04 GMT

Dubai Mercantile Exchange

Highlights

Dubai Mercantile Exchange today announced the approval of Direct Access USA LLC as a new Clearing Member, to clear and settle trades carried out by its regional and international customers on DME.

Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East, today announced the approval of Direct Access USA LLC as a new Clearing Member, to clear and settle trades carried out by its regional and international customers on DME.

Direct Access USA is owned by DA International Financial Services, a Hong Kong registered futures commission merchant which is regulated by the Securities and Futures Commission of Hong Kong and providing global brokerage services for various products including securities, futures, and other financial products. The company has rapidly grown into a leading foreign futures brokerage in Asia Pacific, with customer margin deposits of over $300 million.

Raid Al Salami, MD, DME said: “We are pleased to grow our clearing members list which indicates the increased appetite from new customers to trade Oman Crude Oil Futures, and to participate in the most transparent price discovery mechanism for crude oil produced in the region. We welcome Direct Access USA as the newest DME Clearing Member, and we believe that this will lead to additional liquidity and more diversified traders from around the globe to trade the contract.”

Ge XinQiang, Chairman of Direct Access International Group said: “We are honored to be a clearing member of DME. Direct Access International is a clearing member focused on technical services. We are committed to provide better technical support to customers who are trading in DME products. At the same time, we will help to promote and publish DME products globally, especially in Asia Pacific as a contribution to the liquidity of DME products.”

Background Information

Dubai Mercantile Exchange

The Dubai Mercantile Exchange Limited (DME) is the premier international energy futures and commodities exchange in the Middle East, providing a financially secure, well-regulated and transparent trading environment.

The DME is majority owned by core shareholders Tatweer (a subsidiary of Dubai Holding), Oman Investment Fund and CME Group. Global financial institutions and energy trading firms such as Goldman Sachs, J.P. Morgan, Morgan Stanley, Shell, Vitol and Concord Energy have taken equity stakes in the DME, providing the exchange with a resounding vote of confidence by major players in global energy markets.

The DME is a fully electronic exchange, and its contracts are listed on the CME Globex platform, the world’s leading electronic trading platform, providing access to the broadest array of futures and options products available on any exchange. The DME is regulated by the Dubai Financial Services Authority (DFSA) and all trades executed on the exchange are cleared through and guaranteed by NYMEX (a member of CME Group), which is regulated by the U.S. Commodity Futures Trading Commission (CFTC) and is a recognized body by the DFSA.