Mitsubishi first Japanese Trading House Member of DME
The Japanese trading house becomes DME's 31st Member, and its decision to join comes at a time of continued growth for the Exchange. DME has seen participant numbers rise 20% year-on-year, with interest particularly strong from Asia.
Mitsubishi Corp has been an active participant in the DME's Oman crude oil futures contract since its launch in 2007. In February Mitsubishi Corp was one of the participants that traded the four billionth barrel of crude oil on the DME.
"DME is delighted to welcome Mitsubishi Corp as a member. Mitsubishi's decision to acquire a membership is a major endorsement of DME Oman's position as the new benchmark for crude oil trading for the Asian markets. With the strong support of customers like Mitsubishi Corp, DME continues to move from strength to strength and is perfectly positioned to bridge the rapidly expanding crude oil corridor between the Middle East and Asia," said Christopher Fix, chief executive of the Dubai Mercantile Exchange.
"Mitsubishi Corp has been a long-term supporter of the DME and is now excited to increase its involvement. Mitsubishi Corp is proud to support the development of a new fully transparent benchmark for crude oil sales in Asia. The DME offers a level playing field for its participants and provides open access to the price-setting mechanism. The involvement of a wide range of oil market stakeholders ensures a fair price for all market participants," said Noboru Kamakura, Crude Oil Dept general manager, at Mitsubishi Corp. ■