the electronic trading platform CME Globex in 2009, DME futures used to be traded on DME Direct, an electronic platform designed by NYMEX specifically for the DME. The switch to one of the leading platforms, CME Globex, in February 2009 has helped make the access to the DME contracts easier for market participants, as all three benchmarks (WTI, Brent and DME Oman) can be traded on the same electronic platform. Another boost for the DME in 2009 was the announcement by the Dubai Department of Petroleum Affairs (DPA) in switching their pricing formula to the forward public OSP based on the DME contract. That meant that the Dubai crude oil selling price would become: OSPᴍ = DME Oman (ᴍ-2) ± differential In December 2010, NYMEX announced the launch of six DME Oman-linked contracts to complement the availability of trading instruments so as to help establish the benchmark. Futures Contract The DME’s flagship contract is the Oman Crude Oil Futures Contract, launched on 1 June 2007, which became the largest physically delivered crude oil contract in the region. The physical settlement of the contract gives it a unique aspect whereby the front trading month is two months forward (e.g.: the March contract is the front month during January trading). Total number of barrels traded per year on the Dubai Mercantile Exchange through the Oman Crude Oil Futures Contract: * the exchanged opened on 1 June 2007. 1,000 barrels = 1 lot (or contract). Figures are from the DME website With over 144 million barrels delivered through the exchange in 2010 and more than 50 companies trading the contract regularly, it seems that the DME Oman oil benchmark has been accepted by market participants as a regulated and transparent benchmark for the East of Suez market. See also CME Group Chicago Mercantile Exchange NYMEX DME Oman Crude Oil Futures Contract Commodity Futures Trading Commission Dubai Financial Services Authority Petroleum Development Oman List of futures exchanges List of traded commodities External links DME website CME Group website DFSA Website Organizations established in 2005 Commodity exchanges in the United Arab Emirates 2005 establishments in the United Arab Emirates Futures exchanges Emirati companies established in 2005 Financial services companies established in 2005