DME selects EMC for business continuity solutions

Published January 17th, 2008 - 09:23 GMT

The Dubai Mercantile Exchange Limited (DME), a joint venture between Tatweer, a member of Dubai Holding, and the New York Mercantile Exchange Inc., (NYMEX), announced today that it is to adopt business continuity solutions from EMC Corporation (NYSE: EMC), the world's leading developer and provider of information infrastructure technology and solutions, to protect critical data for Exchange operations and support the continuous trading of its electronic trading system, DME Direct.

The DME  became the first energy futures exchange in the Middle East when it launched on May 1 2007, and will be utilizing state of the art electronic trading systems that are required to provide high levels of stability and robustness. The solutions supplied by EMC, the world leader in information infrastructure solutions, will add data recovery functionality and ensure that business critical information can be stored securely and rapidly restored if necessary.

Ahmad AlQaizi, Head of Information Systems & Technology for the DME, said: “The DME is establishing a futures market that will bridge the gap between business hours in the world’s major oil trading centers of New York, London and the Far East. It will answer the growing market need for price transparency and market liquidity in the trading of Middle East crude oil and other energy products. As such, and to meet the regulatory requirements of the Dubai Financial Services Authority, we will have to maintain the highest standards of information management.”

He added: “EMC’s Information Infrastructure solutions that we have deployed enable us to meet those high standards by ensuring that our information is stored and managed in an optimally secure way. This solution also offers us the scalability we need to handle the increase in data as the DME’s operations grow.”

The DME storage infrastructure is based on two EMC Symmetrix DMX-3® Series high performance storage platforms to handle data storage and disaster recovery, with one system deployed at DME in the Dubai International Financial Centre and the other at an off-site disaster recovery centre. DME has also deployed several EMC information management software solutions to manage local and remote storage and enterprise-wide backup and recovery.

Mohammed Amin, General Manager, EMC Middle East and North Africa, commented: “Managing the volume of information created by an international financial exchange in a manner required by regulators and traders, requires the highest standards of information management solutions. The DME is one of the region’s businesses that is embracing the concept of information lifecycle management (ILM) – storing and managing data based on its importance to the business. EMC is delighted to work with DME on building its ILM strategy.”

 

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 and two financially settled futures contracts, the Brent-Oman Spread Contract and a WTI-Oman Spread 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 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.

EMC and Symmetrix are registered trademarks of EMC Corporation.  Other trademarks are property of their respective owners.


 


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