ID :
29623
Tue, 11/11/2008 - 17:17
Auther :
Shortlink :
http://m.oananews.org//node/29623
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Dubai Mercantile Exchange to List Products with CME Group
Dubai, Nov 11, 2008 (WAM) - CME Group, the world's largest and most diverse exchange, and the Dubai Mercantile Exchange (DME), the premier international energy futures and commodities exchange based in the Middle East, announced yesterday that DME's contracts will exclusively trade electronically on the CME Globex platform in the first quarter of 2009, subject to final DME board approval of the definitive agreement.
The CME Globex platform offers virtually around the clock access to the broadest array of derivatives products in every major asset class in more than 85 countries and foreign territories worldwide.
The transition of the DME Oman Crude Oil Futures Contract (OQ) to CME Globex enables the world's three crude oil benchmark products to trade on the same platform.
The DME Oman Crude Oil Futures Contract is increasingly recognized as the first successful exchange traded contract for price transparency in the East of Suez markets, joining West Texas Intermediate (WTI) and Brent crude oil futures contracts as the world's benchmarks for crude oil. As growing demand from Asia continues to drive fundamentals in the oil industry, there is increasing need for a transparent mechanism to determine the price of crude imported into the region.
Listing the DME Oman Crude Oil Futures Contract and the DME Oman Crude Oil Financial Contract (ZG) on CME Globex will further increase opportunities for improved risk management by Asian refiners through sophisticated hedging strategies, as well as creating arbitrage opportunities and other advanced trading strategies for the trading community around the world.
"The addition of DME's contracts onto CME Globex extends the wide range of energy products available to our global customer base and further strengthens our links with the Middle East, following the confirmation of CME Group as a 'Recognized Body' by the Dubai Financial Services Authority," said CME Group Executive Chairman Terry Duffy.
"This agreement is another example of our commitment to expand our global offerings and services to our customers worldwide." Ahmad Sharaf, Chairman, DME, said: "This partnership demonstrates a significant step forward in the DME's development as the leading commodities exchange in the Middle East and is in line with the vision of Vice President and Prime Minister of UAE and Ruler of Dubai HH Sheikh Mohammed bin Rashid al Maktoum in establishing Dubai as a leading international financial centre.
''We intend to work closely with our partners the CME Group as they expand their international footprint, and we are confident that this cooperation will help to build global visibility for the DME Oman Crude Oil Futures Contract through the around the clock availability of the CME Globex trading platform."
The CME Globex platform offers virtually around the clock access to the broadest array of derivatives products in every major asset class in more than 85 countries and foreign territories worldwide.
The transition of the DME Oman Crude Oil Futures Contract (OQ) to CME Globex enables the world's three crude oil benchmark products to trade on the same platform.
The DME Oman Crude Oil Futures Contract is increasingly recognized as the first successful exchange traded contract for price transparency in the East of Suez markets, joining West Texas Intermediate (WTI) and Brent crude oil futures contracts as the world's benchmarks for crude oil. As growing demand from Asia continues to drive fundamentals in the oil industry, there is increasing need for a transparent mechanism to determine the price of crude imported into the region.
Listing the DME Oman Crude Oil Futures Contract and the DME Oman Crude Oil Financial Contract (ZG) on CME Globex will further increase opportunities for improved risk management by Asian refiners through sophisticated hedging strategies, as well as creating arbitrage opportunities and other advanced trading strategies for the trading community around the world.
"The addition of DME's contracts onto CME Globex extends the wide range of energy products available to our global customer base and further strengthens our links with the Middle East, following the confirmation of CME Group as a 'Recognized Body' by the Dubai Financial Services Authority," said CME Group Executive Chairman Terry Duffy.
"This agreement is another example of our commitment to expand our global offerings and services to our customers worldwide." Ahmad Sharaf, Chairman, DME, said: "This partnership demonstrates a significant step forward in the DME's development as the leading commodities exchange in the Middle East and is in line with the vision of Vice President and Prime Minister of UAE and Ruler of Dubai HH Sheikh Mohammed bin Rashid al Maktoum in establishing Dubai as a leading international financial centre.
''We intend to work closely with our partners the CME Group as they expand their international footprint, and we are confident that this cooperation will help to build global visibility for the DME Oman Crude Oil Futures Contract through the around the clock availability of the CME Globex trading platform."
