The Dubai Mercantile Exchange (DME) has pushed back its launch date to June 1, subject to regulatory approvals of its clearing arrangement.The exchange had originally planned to launch its Oman-benchmark sour crude oil contract in the fourth quarter of 2006, but that date was postponed to May 1 this year.
“Launching an international commodity exchange in the Middle East and a new sour crude oil benchmark is unprecedented as well as extremely challenging,” the exchange said in a statement today. “The regulatory, technical and commercial aspects that need to be conceived, considered and acted upon to ensure the DME succeeds are necessarily complex, and it is essential that absolutely everything is in place when the exchange goes live.”
DME is a joint venture between the New York Mercantile Exchange and Tatweer, a member of industrial group Dubai Holding.
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