The New York Mercantile Exchange (Nymex) and the government of Dubai are today set to sign an agreement leading to the establishment of the Middle East's first energy and metals trading exchange.
The joint venture will culminate in the creation of the Dubai Commodities Exchange, which, according to reports, will trade gold and high-sulphur crude oil futures contracts, and could open its doors to traders later in the year.
Initially, it is thought that trading on the exchange will be take place on an electronic platform, with an option maintained to open trading pits to facilitate open outcry trading at a later date.
Sources have suggested that the bulk of the cash investment in the venture will be shouldered by Dubai, with Nymex providing the technological expertise. The cost of the project is estimated at US$10 million over the next few years.
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