Patsystems plc, the trading solutions provider to the derivatives industry, is pleased to announce that it has passed conformance testing for connectivity to Dubai Mercantile Exchange Limited (DME). Patsystems will be able to provide access to the DME’s electronic trading platform, DME Direct™, from May 1, 2007 on the DME’s first day of trading. Patsystems’ exchange specific adapter (ESA) will be available for member testing towards the end of April 2007.
This latest connectivity both broadens Patsystems’ offering within the global energy trading sector and strengthens Patsystems’ established presence and commitment to the Gulf Cooperation Council (GCC) region.
The continual growth of Patsystems’ business development in this region is driven by customer demand, with an increasing number of Patsystems’ customers expressing an interest in trading in the region.
Jon Regan, Director of New Business at Patsystems, said:
“We are delighted to announce the addition of the DME to Patsystems’ extensive global exchange coverage. This additional connectivity is an endorsement of Patsystems’ commitment to global energy trading and the Gulf region, generally.”
Gary King, Chief Executive of the Dubai Mercantile Exchange, commented:
“We are delighted that customers of Patsystems plc will be able to connect to DME Direct™, the DME’s state-of-the-art and highly secure electronic trading platform which will bridge the time zone gap between Europe, Asia and North America. 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.”
DME’s 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 NYMEX to DME are subject to NYMEX 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.