Dubai Mercantile Exchange (DME) has added RBS Securities as a clearing member.
“Having a bank with such an international footprint as RBS joining our membership base underlines the central role DME is now playing in global oil trading,” DME’s ceo Christopher Fix said.
RBS will guarantee the financial performance of trades carried out by the bank’s customers on the DME, the exchange said on Monday April 8.
“We are pleased to join the DME as we continue to expand our futures clearing footprint. At RBS, we are always looking to serve our clients in the markets where they want to do business,” Ramasamy Venkatesh, global head of clearing at RBS, said.
All trading in DME contracts is cleared through the Chicago Mercantile Exchange (CME) Group division, CME Clearing.
DME is a joint venture between Dubai Holding, Oman Investment Fund and CME Group.
DME Oman is the sole benchmark for Oman and Dubai exported crude oil.
In March, DME hired Michelle Zhang as head of products and services for Asia after it set up office in Singapore last November.