Trading Technologies International has announced plans to offer energy traders connectivity to the Dubai Mercantile Exchange, a joint venture between Tatweer and the New York Mercantile Exchange, when the Middle East’s first energy futures exchange begins operations in May.
Trading Technologies (TT) intends to support trading of all inaugural Dubai Mercantile Exchange (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 WTI-Oman spread contracts.
The DME gateway will connect to TT’s X_Trader order-entry software. It will also connect through TT’s X_Trader API and FIX Adapter to third-party, proprietary and black-box trading applications.
The launch of our DME gateway will mark TT’s first link to the markets in the Middle East, said Harris Brumfield, CEO of TT. We anticipate that connectivity to the Dubai Mercantile Exchange will further enhance our value proposition to energy traders.
The DME’s establishment of an exchange inside the Dubai International Finance Centre is subject to regulatory approval from the Dubai Financial Services Authority.