Dubai Exchange Unveils Platform
EXCHANGE TECHNOLOGIES
DUBAI-The Dubai Mercantile Exchange (DME) is slated to deploy an electronic trading platform, dubbed DME Direct, which is based on technology from one of its co-founders: the New York Mercantile Exchange (Nymex), say DME officials.
The DME is a Middle East energy futures exchange scheduled to start its trading operations before the end of the year.
According to the exchange, the electronic platform is being developed and supported by the Nymex IT department, based in New York. "The platform will initially be hosted in New York," says Thomas Leaver, chief operating office (COO) at the DME. It is only in 2007 or 2008 that the electronic platform will be moved to Dubai. DME Direct is still under development in order to add new functions that will enable market participants to execute trades seamlessly.
The platform will also provide real-time reporting of DME quotes and trades to market data vendors using Nymex's Price Reporting System (PRS).
To interface with DME Direct, market participants will be able to use the FIX protocol. "Traders will be able to use proprietary trading systems as well as third-party trading systems provided by independent service providers," Leaver says. The DME is providing a list of vendors working on connections to the exchange. GL Trade, Nyfix, Easyscreen, Patsystems, Rolfe and Nolan, Real-time Trading Systems and Trading Technologies are among those listed.
Order types available on DME Direct will be limits, stop limits, good till cancelled, good till day and trading at settlement. DME Direct will list futures, calendar spreads, inter-commodity spreads and strips.
Upon launch, users of DME Direct will be able to trade the Oman Crude Oil futures contract, Brent/Oman Swap contract and WTI/Oman Swap contract. The exchange is also planning to start trading jet fuel futures contracts in 2007.
Olivier Laurent
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