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Dubai: The Dubai Mercantile Exchange (DME), a commodity derivatives exchange jointly owned by Government of Oman, Tatweer, a member of Dubai Holding and the New York Mercantile Exchange (Nymex) celebrates its first anniversary today and expects its Oman crude oil futures contract to emerge as a major global oil benchmark.
"The DME its first year of operation has made significant progress as a new global commodities exchange by creating a new international sour crude benchmark. If you look at the volume of Oman contracts we have traded since the launch, the volumes are very similar to those of Brent and WTI when they were launched," said James E. Newsome, President and Chief Executive of the New York Mercantile Exchange and DME board member.
To coincide with completion of its first year in operation the exchange will launch two new cash settled oil futures contracts: DME Brent Crude Oil Financial Contract and DME Oman Crude Oil Financial Contract.
With over 70 members and recognition from 24 global regulators, the DME has plans to launch gold and steel futures contracts on Monday.
Ahead of the launch of the two cash contracts on the DME, Nymex on Friday announced margins for two cash-settled crude futures contracts.
Margins for DME Brent will be $7,000 for clearing members, $7,700 for members and $9,450 for customers. The DME Oman contract margins will be $7,800 for clearing members, $8,580 for members and $10,530 for customers.
Commodities
ioscoaffiliate
The Dubai Gold and Commodities Exchange (DGCX) has been approved as an affiliate member of the International Organisation of Securities Commissions (IOSCO) at its 33rd annual conference held in Paris recently.
A high-level delegation led by Abdullah Al Turifi, CEO of the Emirates Securities and Commodities Authority (SCA), attended the conference, representing both the SCA and the Union of Arab Securities Authorities (UASA).
"This adds to the recent achievements of DGCX, coming just one day after the exchange successfully launched two crude oil futures contracts, namely West Texas Intermediate Light Sweet Crude (WTI) and Brent Crude Oil (Brent)," said Al Turifi
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