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CQG Rolls Out Connection to Dubai Mercantile Exchange for Energy Traders

2007-03-14 08:23 3625


DENVER, March 14 /Xinhua-PRNewswire/ -- CQG is the first independent software vendor to complete FIX certification for the Dubai Mercantile Exchange Limited (DME) and is the only vendor currently qualified to route orders to the DME, the Middle East's first energy futures exchange, which is located within the Dubai International Financial Centre (DIFC). CQG will begin connecting traders to the DME when the exchange launches on May 1, 2007.

The new connection will provide CQG customers with market data and order routing access for DME products. The DME will offer price transparency and market liquidity for Middle East sour crude oil from the world's foremost oil producing and exporting region. Upon its debut, the DME will list the physically deliverable Oman Crude Oil Futures Contract, and two financially settled futures contracts, the Brent-Oman Spread, and the WTI-Oman Spread.

Traders can place orders using CQG Integrated Client and CQG Trader and can use a new API to bring CQG data and functionality into their own applications.

Connectivity to the DME complements CQG's energy product offering for traders. The move builds upon CQG's recent success in providing access to electronic energy markets in New York.

"We are pleased to support the rollout of the DME's exciting new Oman Crude Oil Futures Contract and other energy products to be offered by the Exchange. As the energy markets move rapidly to electronic trading, many traders have realized that the combined value of CQG's world class analytics and high performance order routing gateways gives them an edge," said Josef Schroeter, CQG's president. "CQG is proud to be the first vendor to complete certification for the DME direct platform."

Gary King, Chief Executive of the DME, said: "We are delighted that CQG is the first ISV to complete certification to our match engine, DME Direct, and will provide their customers access to the DME's markets. CQG has a broad client base and has written to a growing roster of Exchanges and we are proud to be associated with them. This is an exciting time at the DME as we approach our launch. Strong progress continues to made on every front and we look forward to a successful launch on 1 May 2007."

The DME is the newest exchange on CQG's growing list of tradeable markets. Customers already have access to energy products from exchanges worldwide, including CBOT, CME/Globex, NYMEX, and NYBOT/ICE. For a complete list of exchanges available for trading with CQG, visit http://www.cqg.com/trade .

DME's establishment of an exchange inside the Dubai International Finance Centre (DIFC) is subject to regulatory approval from the Dubai Financial Services Authority (DFSA) to be licensed as an Authorized Market Institution to operate as an exchange inside the DIFC. Furthermore, all clearing and settlement services to be provided by NYMEX to DME are subject to NYMEX becoming recognized by the DFSA to operate a remote clearinghouse in the DIFC and subject to the review and/or approval of the Commodity Futures Trading Commission. Until the above regulatory approvals have been granted, no trading on the DME will be permitted and no person will be admitted as a member of the DME.

About CQG

CQG, Inc. is the industry's highest-performing, most cost-effective solution to integrate market data, technical analysis and order routing. CQG's data coverage includes futures, options, fixed income, foreign exchange, and equities worldwide, as well as debt securities, reports and indices. CQG is headquartered in Denver, Colorado, with sales and support offices worldwide. For more information on CQG, please call 1-800-525-7082. From outside the US and Canada, visit http://www.cqg.com for contact information.

About the Dubai Mercantile Exchange

The Dubai Mercantile Exchange Limited (DME), a joint venture between the New York Mercantile Exchange, Inc. (NYMEX) and Tatweer, aims to become the premier commodity and energy futures exchange in the Middle East, providing a financially secure, well-regulated and transparent trading environment.

The Exchange will initially develop and trade an Oman Crude Oil Futures Contract. This will address a growing market need for price discovery of Middle East Sour Crude Oil while simultaneously bridging the time zone gap between Europe and Asia by providing for the trading of energy futures, options and other products.

The DME will be a fully electronic exchange. However, in a unique concept, it will also bring together a community of traders that will operate from trading hubs and individual trading stations on the Exchange's floor, which will be located within the Dubai International Financial Centre (DIFC), the region's leading financial services centre.

The DME will be regulated by the Dubai Financial Services Authority (DFSA), a world class, independent regulator, and all trades executed on the Exchange will be cleared through, and guaranteed by, NYMEX's AA+ rated clearinghouse.

This press release is also available at http://www.cqg.com/press .

Source: CQG, Inc.
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