Dubai, 1 May 2014 – DME, the Middle East’s premier international energy futures and commodities exchange today announced the approval of Phillip Futures as a Clearing Member. Phillip Futures is a Chicago-based clearing futures commission merchant (FCM) and a member of the Singapore-based Phillip Capital Group.
As a Clearing Member, Phillip Futures will guarantee the financial performance of trades carried out by its customers on the DME. All DME market participants are required to maintain an account with a DME Clearing Member. All trading in DME contracts is cleared through CME Clearing, a division of CME Group.
Founded in Chicago in 2010, Phillip Futures is currently a clearing member of CME, CBOT, NYMEX, COMEX, NYSE-LIFFE and CFE, and provides access to worldwide exchanges. Through the Phillip Capital network of affiliates, they also offer direct clearing to most Asian markets. With its strong roots in Asia, joining the DME was a logical step for Philip Futures since the emergence of the DME as a principal venue for Asian crude oil trading.
DME has set a number of records in recent months. Average daily volumes (ADV) in the Oman crude oil contract rose by around 50% year-on-year in the first quarter of 2014 and regularly surpassed 10mn barrels per day of trading.
Christopher Fix, Chief Executive of DME, said: “I am pleased to see an organization of Philip Futures’s caliber join the DME as a clearing member. Having a partner like Philip Futures will definitely help us enhance our reputation as the only exchange which best reflects the realities of eastern trade flows while contributing to our growth by meeting the needs of our mutual customers who want access to the DME with its pivotal role in global oil trading.”
Lynette Lim, CEO and Director of Phillip Futures, said: “We are delighted to join the DME as we continue to expand access to globally relevant markets for our customers. We see great potential in the DME Oman crude oil futures which gives our customers more viable investment alternatives when they are considering various asset classes.”