Source: Trading Technologies
Trading Technologies International, (TT) today announced plans to offer energy traders connectivity to the Dubai Mercantile Exchange Limited (DME), a joint venture between Tatweer, a member of Dubai Holding, and the New York Mercantile Exchange (NYMEX), when the Middle East's first energy futures exchange begins operations on May 1, 2007.
TT intends to support trading of all inaugural DME products through its X_TRADER order entry platform. The initial contracts to be traded on the DME include Oman Crude Oil Futures, the first exchange traded Middle East sour crude benchmark, as well as Brent-Oman spread and WTIOman spread contracts.
"The launch of our DME gateway will mark TT's first link to the markets in the Middle East. We anticipate that connectivity to the Dubai Mercantile Exchange will further enhance our value proposition to energy traders," said Harris Brumfield, CEO of TT.
Gary King, Chief Executive of the Dubai Mercantile Exchange said, "We are delighted that TT's customers will be able to connect to DME Direct, our state-of-the-art and highly secure trading platform, to transact energy futures contracts and manage their risk.
"The DME is committed to providing the global energy community with a highly accessible and liquid market in which to trade Middle East sour crude oil and other energy products. The inclusion of TT as one of the Exchange's ISVs will enhance accessibility to the exchange and we look forward to welcoming their customers when the DME starts trading."
The DME gateway will connect to TT's X_TRADER order-entry software. It also will connect through TT's X_TRADER API and FIX Adapter to third-party, proprietary and black-box trading applications. TT's fast, reliable exchange connections enable trading of the world's major futures exchanges as well as OTC energy, foreign exchange, fixed income and other instruments.