The Dubai Mercantile Exchange says work has begun on the construction of its new state-of-the-art trading floor in the Dubai International Financial Centre (DIFC).
The DME, which will launch later this year, says its new trading floor will occupy two floors of District Building Number 2 and will be equipped with the latest technology for traders to conduct business on its electronic trading platform.
The 500 square-metre trading floor will consist of trading hubs fitted with tools necessary for traders to transact energy futures contracts and manage risk. The DME trading floor will also incorporate a twenty five square metre video wall on which traders will be able to view market data, video, news wires and other real-time information.
DME says in addition to individual seats, two-, four- and six-seat hubs will be offered to the local and international trading community.
Ahmad Sharaf, chairman of the DME board of directors, says: "This new trading facility will be the centre of activity for energy trading in the Middle East. Traders from around the world were asked what they would require from an electronic traded floor environment, and their consequent feed-back was incorporated."
International architectural firm Gensler has been working with consultants Dar Consultants, Tatweer, and Turner Construction International, as well as local contractors from Al Nabooda Interiors and Bilt Middle East to design the trading floor.
The DIFC opened in September 2004 and is the Dubai government's initiative to create a major financial hub for the Middle East region.