DUBAI, Dubai Mercantile Exchange, DME, today announced the approval of Direct Access USA LLC as a new Clearing Member, to clear and settle trades carried out by its regional and international customers on DME.
Direct Access USA is owned by DA International Financial Services, a Hong Kong registered futures commission merchant which is regulated by the Securities and Futures Commission of Hong Kong and providing global brokerage services for various products including securities, futures, and other financial products. The company has rapidly grown into a leading foreign futures brokerage in Asia Pacific, with customer margin deposits of over $300 million.
Commenting on the announcement, Raid Al Salami, MD of DME said, "We are pleased to grow our clearing members list which indicates the increased appetite from new customers to trade Oman Crude Oil Futures, and to participate in the most transparent price discovery mechanism for crude oil produced in the region. We welcome Direct Access USA as the newest DME Clearing Member, and we believe that this will lead to additional liquidity and more diversified traders from around the globe to trade the contract."
Ge XinQiang, Chairman of Direct Access International Group, said, "We are honoured to be a clearing member of DME. Direct Access International is a clearing member focused on technical services. We are committed to provide better technical support to customers who are trading in DME products. At the same time, we will help to promote and publish DME products globally, especially in Asia Pacific as a contribution to the liquidity of DME products."
Source: Emirates News Agency