Nymex to form Dubai oil futures exchange

The New York Mercantile Exchange (Nymex) and Dubai Holding are to form the Dubai Mercantile Exchange (DME) to trade sour crude and fuel oil in early 2006, the New York exchange announced today.

The 50-50 joint-venture, which will provide both open-outcry and electronic-trading platforms, will be the Middle East’s first energy-futures exchange. Nymex and Dubai Holding will both contribute capital and services towards establishing the DME, and Nymex will contribute trade-entry and risk-management systems. DME trades will be cleared through Nymex in New York.

“The contracts traded on the DME will be tailored to the needs of the marketplace and may include physical delivery

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