Dubai Mercantile Exchange strengthens management team

The Dubai Mercantile Exchange (DME), which is set to launch in the fourth quarter of this year, has strengthened its management team with newly appointed chief operating officer, Thomas Leaver, and chief compliance officer, Sarah Watts. They have both started with the exchange, reporting to chief executive Gary King.

The DME will be the region’s first international energy exchange, having recently announced plans to launch Middle East sour crude futures contracts.

Leaver, who moved from RAB Capital, where he was senior fund manager for its commodities energy fund, will focus on working to complete the drafting of the Oman crude oil futures contract in concert with key industry focus groups, installation of information technology systems, marketing, public relations and product development.

He has more than 20 years of experience, including a stint as external consultant for McKinsey & Company advising national oil companies in the Middle East, Europe and North America, and held senior management roles with the global trading arms of TransCanada Pipelines and Finnish national oil company Neste Oy.

Watts’ job responsibilities include ensuring compliance with regulations and managing the exchange’s membership, as well as training. She moved from Standard Bank, where she was senior compliance manager with global oversight of resource banking, asset management and private client services.