Plans for a commodities exchange in Dubai have been taken a step closer to fruition after officials from the New York Mercantile Exchange (NYMEX) and the Dubai Development and Investment Authority came to an agreement last week.
According to a report in the Financial Times, the recent discussions between Nymex chief executive James Newsome and DDIA officials in London will bring about the creation of the Dubai Mercantile Exchange, which is expected to trade an energy contract, and possibly an aluminium contract.
The new institution, which will be the region’s first commodities exchange, has been on the cards for a number of months after Nymex and the DDIA announced the signature of a memorandum of understanding last year.
The FT also reported that the Dubai International Financial Exchange is hoping to tap into the region’s increasing wealth when it opens its doors to trading later this year by expanding its product range to include equities, bonds, exchange traded funds and financial futures and options.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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