CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Half A Million Oil Contracts Traded On Dubai Mercantile Exchange

Half A Million Oil Contracts Traded On Dubai Mercantile Exchange

by Lorys Charalambous, Tax-News.com, Cyprus

09 December 2008


The Dubai Mercantile Exchange (DME) announced last week that more than 500,000 lots of its benchmark DME Oman Crude Oil Futures Contract have traded since the launch of the bourse's energy futures and commodities exchange on June 1, 2007.

At the close of trading on December 2, 2008, the DME Oman Crude Oil Futures Contract had traded a total of 500,495 contracts, equivalent to 500.495 million barrels of oil.

Making the announcement, Ahmad Sharaf, Chairman of the DME said:

"This is a truly remarkable milestone that clearly demonstrates the steady progress that we have been making since our launch last year. 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.”

Tom Leaver, Chief Executive Officer of the DME, added,:

“We have seen growing acceptance and demand for the DME Oman Crude Oil Futures Contract as a risk management tool from the Asian refining community, as well as demand from international traders leveraging arbitrage opportunities. Trading half a million contracts over 18 months is a clear mark of the success of the contract and its direct relevance for price transparency and fair value for the East of Suez market.

“This success was underscored by the commitment of seven international companies purchasing equity stakes in the DME during 2008, demonstrating that even in a turbulent financial climate, there is a compelling value proposition offered by the DME. We look forward to continued growth and setting new records, as the visibility and reach offered by CME Globex® gives further impetus to the growing liquidity of the DME’s contracts.”


To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »