UAE. The Dubai Mercantile Exchange Limited (DME) today announced that Chief Executive Officer Thomas Leaver will depart the exchange to pursue other interests after six years of service.
The Board of Directors has appointed a Transition Committee to oversee the search for his replacement. Mr. Leaver will support the Committee until a new chief executive has been hired.
Joining in 2006 as Chief Operating Officer, Mr. Leaver played a key role in the development and launch of the DME. He has been Chief Executive Officer since 2008.
Making the announcement, Ahmad Sharaf, Chairman of the DME, said: "On behalf of our Board of Directors, shareholders, members and staff, I want to express our sincere gratitude to Tom for the significant contribution he has made to the DME's success. He will be leaving a robust platform for future growth upon which we will continue to build.
"During the transition period, Tom will remain in post and be assisting us in the search for his successor. We wish him all the best in the next phase of his career."
Under Mr. Leaver's stewardship, the exchange has grown steadily, continuing to set new trading records and attract a broad range of market participants. DME Oman has become the largest physically delivered crude oil futures contract in the world and is recognised increasingly as the benchmark for Middle East crude oil destined for East of Suez markets.
In a significant development, the DME recently received a major vote of confidence from shareholders with the announcement of increased investment and support to enable it to continue growing its business.
Commenting on his decision, Mr. Leaver said: "After six immensely enjoyable years at the DME, I have decided that it is time to move on to new challenges. I am truly proud of our accomplishments at the DME and believe that now is the right time to hand the baton to someone who will help take the exchange to the next level. They will have a solid foundation on which to build, exciting prospects ahead and a great team with which to work.
"We have already started the process of identifying my successor and I have agreed with the Chairman and the Board to help during the transition period."
The DME was launched in June 2007 with the goal of bringing fair and transparent price discovery and efficient risk management to East of Suez, the world's fastest growing commodities market and the largest crude oil supply/demand corridor in the world.
Today, DME Oman is the explicit and sole benchmark for Oman and Dubai crude oil Official Selling Prices (OSP), the historically established markers for Middle East crude oil exports to Asia Pacific.
About the Dubai Mercantile Exchange
The Dubai Mercantile Exchange Limited (DME) is the premier international energy futures and commodities exchange in the Middle East, providing a financially secure, well-regulated and transparent trading environment. The DME is majority owned by core shareholders Tatweer (a subsidiary of Dubai Holding), Oman Investment Fund and CME Group. Global financial institutions and energy trading firms such as Goldman Sachs, J.P. Morgan, Morgan Stanley, Shell, Vitol and Concord Energy have taken equity stakes in the DME, providing the exchange with a resounding vote of confidence by major players in global energy markets.
The exchange has developed and trades the DME Oman Crude Oil Futures Contract, addressing the growing market need for price discovery of sour crude oil destined for East of Suez markets, while simultaneously bridging the time-zone gap between Europe and Asia. Launched in June 2007, DME Oman is the largest physically delivered crude oil futures contract in the world.
The DME is a fully electronic exchange, and its contracts are listed on the CME Globex® platform, the world’s leading electronic trading platform, providing access to the broadest array of futures and options products available on any exchange.
The DME is regulated by the Dubai Financial Services Authority (DFSA) and all trades executed on the exchange are cleared through and guaranteed by NYMEX (a member of CME Group), which is regulated by the U.S. Commodity Futures Trading Commission (CFTC) and is a Recognized Body by the DFSA.
For the latest trading volumes on the DME, please visit: www.dubaimerc.com