Dubai, January 21, 2015 - Dubai Mercantile Exchange (DME) announced today that ING Bank N.V., Singapore Branch has been approved to issue Letters of Credit (LCs) for trading on DME directly from Singapore to support customers in Asia.

This latest development is part of DME's ongoing efforts to have a diverse roster of international banks that are authorized to issue LCs directly from Singapore to guarantee deliveries of Oman Blend crude oil through the DME.

"The success of DME and the steady growth in volumes has been driven by our commitment to creating a world class trading environment for our customers in Asia through improved access to finance to support their crude oil deliveries  and reduce their risks," said Christopher Fix, Chief Executive Officer of DME. "We are delighted to have ING Bank N.V., Singapore Branch as an approved financial institution and I hope our customers will take advantage of our robust financing framework to address their trading needs."

 Catherine Low, Country Manager, ING Bank N.V., Singapore Branch, and Head of International Trade and Export Finance in Asia said, "Our participation is in line with our efforts to support the trading needs of our clients in the global energy market around DME's flagship Oman crude which is seeing sustained levels of interest in Asia. Enabling our clients to trade in a more efficient and secure environment is a priority for us and we look forward to helping our clients through the direct issuance of LCs from Singapore."

About DME
DME is the premier international energy futures and commodities exchange in the Middle East. It aims to provide oil producers, traders and consumers engaged in the East of Suez markets with transparent pricing of crude oil.

Launched in 2007, DME has rapidly grown into a globally relevant exchange. Its flagship Oman Crude Oil Futures Contract (DME Oman) contract is now firmly established as the most credible crude oil benchmark relevant to the rapidly growing East of Suez market. Reflecting the economics of the Asian region like no other contract, and the largest physically delivered crude oil futures contract in the world, DME Oman is the world's third crude oil benchmark and the sole benchmark for Oman and Dubai exported crude oil. 

DME is a fully electronic exchange, with regulatory permissions allowing access from more than 20 jurisdictions, including the major financial centers of Asia, Europe and the United States. The Exchange is located within the Dubai International Financial Center (DIFC), a financial free zone designed to promote financial services within the UAE. The DME is regulated by the Dubai Financial Services Authority and all trades executed on the DME are cleared through and guaranteed by CME Clearing.

DME is a joint venture between Dubai Holding, Oman Investment Fund and CME Group. Global financial institutions and energy trading firms including Goldman Sachs, JPMorgan, Morgan Stanley, Shell, Vitol and Concord Energy also hold equity stakes in the DME. www.dubaimerc.com

Media Contacts:
DME
Mayssam Hamadeh
Head of Marketing
+971 506523754 (mobile)
mayssam.hamadeh@dubaimerc.com

TRACCS (PR agency)
Walid Majzoub
+9714 3672530
walid.majzoub@traccs.net

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© Press Release 2015