The Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange in the Middle East, has selected London-based Elysian Systems Ltd as the technology provider for its new commodity auction business.
DME will employ Elysian’s market-leading auction software capacity to host spot auctions for physical energy products and other commodities in the Middle East and elsewhere.
More than 200 banks, brokers and exchanges worldwide currently use Elysian technology to participate in global electronic markets and to receive real-time market data. Elysian provides the auction technology that underpins the London Bullion Market Association’s spot silver auction – a key global benchmark.
“DME is excited about this new auction capacity, which will enable the Exchange to offer a very attractive solution to customers in the Gulf that are looking to buy or sell spot commodities in a transparent and fair manner,” said Owain Johnson, Managing Director of DME. “By partnering with Elysian, DME can bring proven best-in-class auction technology to this region for the first time.”
“We are delighted to partner with DME to support their new spot auction business line,” said David Hoff, CTO of Elysian Systems. “This is an exciting initiative for Elysian and DME and we look forward to signing up our first customers.”