DUBAI (Zawya Dow Jones)--Dubai Mercantile Exchange, or DME, said
Wednesday that its chief executive officer Thomas Leaver has
resigned to pursue other interests and that a transition committee
has been appointed to oversee the search for his replacement.
Leaver who was appointed CEO in 2008 will remain in his post
during the transition period and will be assisting the bourse in
its search for a successor, DME said in an emailed statement.
"This is purely my personal decision and it won't affect the
strategy of the exchange," Leaver told Zawya Dow Jones.
Last month, CME Group Inc. (CME) doubled its stake in the DME to
50% in a recapitalization plan, as the U.S.-based exchange operator
looks to consolidate its global footprint.
"We have already started the process of identifying my
successor...he or she won't come from CME or any other
shareholder," Leaver said.
The DME's flagship contract is in Oman sour crude oil futures,
linked to Middle Eastern crude oil output that is heavier and
contains more sulfur than the light, sweet varieties represented by
Nymex's West Texas Intermediate crude oil and Brent crude oil, that
are traded in London on markets run by Intercontinental Exchange
Inc. (ICE).
DME is regulated by the Dubai Financial Services Authority and
all trades executed on the exchange are cleared by CME Group's
Nymex, which is regulated by the U.S. Commodity Futures Trading
Commission.
-By Summer Said and Iman Dawoud, Dow Jones Newswires;
+966-546-842373; summer.said@dowjones.com
Copyright (c) 2012 Dow Jones & Co.