Focus on Middle East: Dubai Marcantile Exchange to be launched in May

The Dubai Mercantile Exchange Limited (DME), a joint venture between Tatweer, a member of Dubai Holding, and the New York Mercantile Exchange (NYMEX), announced today that the Middle East's first energy futures exchange will launch officially on 1st May 2007.

The Initial three contracts to be traded on the DME will be the physically delivered Oman Crude Oil Futures Contract, and two financially settled contracts, a Brent-Oman spread contract and a WTI-Oman spread contract. Trading of the contracts on DME Direct is expected to begin simultaneously across key energy trading centres at the following local times on May 1st : 6:00 (Singapore), 02:00 (Dubai), 23:00 (London time, previous day), and 18:00 (New York time, previous day).

In addition, DME, ENOC Supply & Trading LLC and Emirates Airline are exploring the potential development of a jet fuel futures contract in collaboration with other industry stakeholders with a view to listing the first jet fuel futures contract on the Exchange later in 2007.

Source: DME


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