Dubai Mercantile Exchange Confirms Appointment of Thomas Leaver as CEO of the Exchange as of 1 September 2008 

 

Thomas Leaver - CEO Dubai Mercantile Exchange

Dubai, UAE: 2nd September 2008:  The Dubai Mercantile Exchange Limited  (“DME” or the “Exchange”) today announced that Thomas Leaver, who has been Chief Operating Officer (COO) of the DME since 1 May 2006, assumed the role of Chief Executive Officer (CEO) on 1 September 2008.

Gary King, the DME’s outgoing CEO, has completed a phased handover of his responsibilities to Mr. Leaver. Mr. King’s departure comes after the completion of a successful 12 months of trading and corporate development and the recently announced sale of strategic equity stakes in the Exchange to a number of key international financial institutions and energy trading firms.

Commenting on the announcement, Ahmad Sharaf, Chairman of the Dubai Mercantile Exchange, said:

Gary King and Thomas Leaver have worked together over the last 32 months to build a truly international and world class exchange. Our blue-chip shareholder and member base and the Exchange’s ongoing growth as well as recognition of the flagship Oman Crude Oil Futures Contract as the third global benchmark for the pricing of crude oil are testament to their work.  I extend my sincere thanks to Gary King whose efforts have been instrumental in the success of the DME.

 Mr. Leaver is a leading energy industry veteran who brings an international perspective and more than 30 years experience to this role. I am confident that Mr. Leaver will build on the successes achieved to date and lead the Exchange through its next phase of development and growth.”

The DME currently lists its flagship DME Oman Crude Oil Future Contract, the only physically delivered Middle East sour crude oil futures contract, which is increasingly seen as a global benchmark for the pricing of Middle East sour crude oil. In addition, the Exchange recently launched its DME Brent Crude Oil Financial Contract and the DME Oman Crude Oil Financial Contract. To date, more than 400 million barrels of crude oil have been traded on the Exchange, a figure that continues to grow in line with strong interest, demand and growing participation on the DME.

Notes to Editors

Thomas Leaver Biography

Thomas Leaver is a leading energy industry executive and brings to the DME more than 30 years of experience in global refining, marketing, crude oil and petroleum product trading, marine transportation and logistics. Tom began his career with Edgington Oil Company in Long Beach, California, learning the refining business and holding several positions up to manager of crude oil and product sales and supply, domestic and international. From there, he moved into pure trading, first with Apex Oil Company, St. Louis, Missouri, and then, in London, with Finnish national oil company Neste Oy. As Director and then Managing Director, he co-led the establishment and international expansion of one of the most successful energy trading firms in crude oil and petroleum products, in both physical and derivatives markets. Following 10 years with Neste, Tom, as a Director and Vice President, established the OTC derivative business in Europe and Asia for Nations Banc-CRT (now Bank of America). Subsequently, Tom became President of TransCanada International Petroleum Ltd, establishing the global trading arm of TransCanada Pipelines Ltd. More recently, Tom has acted as an external consultant for McKinsey & Company, advising national and international oil companies in the Middle East, Europe and North America. Prior to accepting his position as Chief Operating Officer of the DME in May 2006, Tom was a Senior Fund Manager of RAB Capital’s commodities energy fund in London. Tom is a graduate of the University of California, Berkeley with a BSc. (Hons) in business administration.
Further Information
For the latest trading volumes on the DME, please visit: www.dubaimerc.com
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About the Dubai Mercantile Exchange

The Dubai Mercantile Exchange Limited (DME), a joint venture between the New York Mercantile Exchange, Inc. (NYMEX), Tatweer, a member of Dubai Holding, and the Oman Investment Fund (OIF), is the premier international energy futures and commodities exchange in the Middle East, providing a financially secure, well-regulated and transparent trading environment. The Exchange has developed and trades the DME Oman Crude Oil Futures Contract, addressing the 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 is a fully electronic exchange. However, in a unique concept, it also brings together a community of traders who operate from trading hubs and individual trading stations on the Exchange’s floor, which is located within the Dubai International Financial Centre (DIFC), the region’s leading financial services centre. The DME is authorised and regulated by the Dubai Financial Services Authority (DFSA), a world class, independent regulator, and all trades executed on the Exchange are cleared through, and guaranteed by, NYMEX’s AA+ rated clearinghouse which is licensed as a Recognised Body by the DFSA.

 
For further information, please contact:

DME:

Aimee Peters      +971 50 453 2767 / aimee.peters@dubaimerc.com

Financial Dynamics:

GCC:            

John Hobday         +971 50 4648706 / john.hobday@fd.com
Manash Bhuyan        +971 4 332 8832 / manash.bhuyan@fd.com

London:    

Seán Galvin  +44 (0) 207 269 7133 / sean.galvin@fd.com 
Laila Danesh  +44 (0) 207 269 7151 / laila.danesh@fd.com

New York: 

Kim Sampson        +1 212 850 5685 / kim.sampson@fd.com

Asia:

Laurel Teo   + +65 6224 2987 / laurel.teo@fd.com