The Dubai Financial Services Authority has granted the status of Recognised Bodies within the Dubai International Financial Centre (DIFC) to the New York Mercantile Exchange Inc. (NYMEX), and its subsidiary, Commodity Exchange Inc. (COMEX).
The DFSA's landmark decision means that for the first time, traders based in the Dubai International Financial Centre (DIFC) will be able to directly trade products on the NYMEX and COMEX exchanges. The development is part of the Exchange's international strategy to expand its customer base by extending access to additional jurisdictions.
"We are honoured to be the first futures exchanges to receive approval from the DFSA, which is a world–class regulatory authority,” commented NYMEX President and Chief Executive Office James E. Newsome.
"Enabling traders within the Dubai International Financial Centre to trade on our exchanges will not only extend our global reach but also reinforces Dubai's position as the world's newest financial centre, serving a vast area from Western Europe to East Asia,” he added.
Customers based within the DIFC will also be able to trade on the planned Dubai Mercantile Exchange (DME), a joint venture between NYMEX and Tatweer Dubai LLC, a member of Dubai Holding. NYMEX has also announced that it will apply to the DFSA for recognition as a clearing house at the same time as the DME applies for Authorised Market Institution status.
Welcoming the development, David Knott, Chief Executive of the DFSA, noted that: “This recognition will enable both NYMEX and COMEX to provide direct access to their commodities future markets in the United States by authorised customers operating within the DIFC.”
He added: “This is the first time that DFSA has granted such recognition to foreign exchanges. It is a further step in directly connecting Dubai with international markets under the umbrella of world class regulation.”
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