Trading Technologies International (TT) yesterday announced plans to offer energy traders connectivity to the Dubai Mercantile Exchange Limited (DME) when the Middle East’s first energy futures exchange begins operations on May 1, 2007. It is a joint venture between Tatweer, a member of Dubai Holding, and the New York Mercantile Exchange (NYMEX).
TT intends to support trading of all inaugural DME products through its X_TRADER order entry platform, initial contracts including Oman Crude Oil Futures, Brent-Oman spread and WTI-Oman spread.
Harris Brumfield, CEO of TT, says, “The launch of our DME gateway will mark TT’s first link to the markets in the Middle East.”
Gary King, chief executive of the Dubai Mercantile Exchange, notes, “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.”
The DME gateway will connect to TT’s order-entry software and to third-party, proprietary and black-box trading applications, enabling trading on the world’s major futures exchanges.