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.
More on Exchanges
Volumes jump following revamp of Sydney bourse's clearing incentive scheme
Acquisitions made up for some shortfalls in exchange revenues
Chicago-based exchange targets China, India and LatAm growth
Stock exchange group has “excess cash”, says group CEO
Sign up for Risk.net email alerts
Sponsored video: MarketAxess
Sponsored video: Tradeweb
Multifonds talks to Custody Risk on being nominated for the Post-Trade Technology Vendor of the Year at the Custody Risk Awards 2014
Sponsored webinar: IBM Risk Analytics
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.