Dubai Mercantile Exchange hits record trading turnover in June

The oil futures market Dubai Mercantile Exchange (DME) said Tuesday it posted a record average trading volume of 6,978 contracts in June, about 38 percent higher than that of June last year. The average trading volume (ADV) last month also posted 32 percent higher than registered record in May 2012. Trading activity in June followed a period of "sustained growth " which started in August 2012, said Christopher Fix, chief executive of the DME. He hailed the highest ever monthly ADV as "a great milestone." While its rival exchanges in Chicago and London mainly focuse on Western oil markets, the DME offers pricing for the "East of Suez market". "As more and more companies want to get involved in the Asian story, they are turning to the DME as the most credible source of pricing for oil trade flows in this region," Fix added. The DME boasts as mercantile exchange by globally accepted regulatory standards in the time zone between Europe and East Asia. The DME chief also welcomed two new members at the exchange: RBS ( Royal Bank of Scotland), which joined the exchange as a clearing member on April 8l and Mitsubishi Corp., as a trading member earlier this month.