Trading Technologies to Enter Middle East w/Connection to Dubai Mercantile Exchange

Discussion in 'Trading Software' started by TT News, Mar 6, 2007.

  1. TT News

    TT News ET Sponsor

    Trading Technologies to Enter Middle East and Extend Global Reach with Connection to Dubai Mercantile Exchange

    CHICAGO, March 6, 2007 – Trading Technologies International, Inc. (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 Inc. (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 WTI-Oman 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.

    The Dubai Mercantile Exchange Limited’s (DME) establishment of an exchange inside the Dubai International Finance Centre (DIFC) is subject to regulatory approval from the Dubai Financial Services Authority (DFSA) to be licensed as an Authorised Market Institution to operate as an exchange inside the DIFC. Furthermore, all clearing and settlement services to be provided by the New York Mercantile Exchange to DME are subject to the New York Mercantile Exchange becoming recognised by the DFSA to operate a remote clearinghouse in the DIFC and subject to the review and/or approval of the Commodity Futures Trading Commission. Until the above regulatory approvals have been granted, no trading on the DME will be permitted and no person will be admitted as a member of the DME.

    About the Dubai Mercantile Exchange
    The Dubai Mercantile Exchange Limited (DME), a joint venture between the New York Mercantile Exchange, Inc. (NYMEX) and Tatweer, aims to become the premier commodity and energy futures exchange in the Middle East, providing a financially secure, well-regulated and transparent trading environment.

    The Exchange will initially develop and trade an Oman Crude Oil Futures Contract. This will address a growing market need for price discovery of Middle East Sour Crude Oil while simultaneously bridging the time zone gap between Europe and Asia by providing for the trading of energy futures, options and other products.

    The DME will be a fully electronic exchange. However, in a unique concept, it will also bring together a community of traders that will operate from trading hubs and individual trading stations on the Exchange’s floor, which will be located within the Dubai International Financial Centre (DIFC), the region’s leading financial services centre.

    The DME will be regulated by the Dubai Financial Services Authority (DFSA), a world class, independent regulator, and all trades executed on the Exchange will be cleared through, and guaranteed by, NYMEX’s AA+ rated clearinghouse.

    About Trading Technologies
    Trading Technologies (www.tradingtechnologies.com) develops high-performance trading software for derivatives professionals, including the world's premier exchanges, money-center banks, proprietary traders, securities brokers, Futures Commission Merchants (FCMs), hedge funds and other trading institutions. The company's X_TRADER® software and related services provide direct access to the world's major derivatives exchanges. TTNET™, TT’s Application Service Provider (ASP)/hosting solution, delivers maximum system stability and fast trade execution via hubs located close to the major exchanges in Chicago, New Jersey, London and Frankfurt. Additional data centers are planned for Tokyo and Singapore. Headquartered in Chicago, Trading Technologies maintains a worldwide presence with offices in New York, Houston, London, Geneva, Frankfurt, Singapore, Hong Kong, Tokyo and Sydney. In 2004, Trading Technologies was named the best technology company to work for in Chicago by Chicago magazine and ranked third among all Chicago area employers. In 2006, TT received the prestigious Lighthouse Award from the Illinois Information Technology Association (ITA) as the leading technology company in Illinois.

    http://www.tradingtechnologies.com/article.aspx?id=208