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Article Excerpt
Transition will enable world's three crude oil benchmark products to trade on the same platform
CHICAGO and DUBAI, United Arab Emirates, Nov. 10 /PRNewswire-FirstCall/ -- 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 today that DME's contracts will exclusively trade electronically on the CME Globex(R) 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...
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