The Dubai Mercantile Exchange (DME) on Tuesday announced the launch of ‘DME Auctions’ - a new platform that will provide a transparent spot commodity auction system for the first time in the Middle East.
The launch of DME Auctions will provide commodity market participants with the flexibility to buy and sell physical energy products and other commodities in the Middle East and beyond via an auction system. This offers customers the advantage of a transparent platform to trade spot commodities for immediate delivery.
"This latest initiative underlines DME’s commitment to creating a world-class trading ecosystem through different trading tools in the Middle East," said Ahmad Sharaf, Chairman, DME. "We are very excited about this new auction platform, which will enable the exchange to offer a very attractive solution to customers in the Gulf that are looking to buy or sell spot commodities in a transparent and fair manner."
Owain Johnson, Managing Director, DME, added, "When we analysed the current trading environment, we realised that there was a great opportunity to add value to our customer base as well as to commodity suppliers by launching an auction platform. Our successful track record with the DME Oman crude oil futures contract means that DME has the credibility in the commodity markets in order to attract a wide variety of participants and commodities to the DME Auction platform over the long term."
