Dubai oil exchange approved for block trading

From January 14, customers will be able to submit privately negotiated trades of the futures contract, which the exchange launched on June 1.

Block trades can be submitted to the DME via the New York Mercantile Exchange (Nymex) Clearport trade entry platform by a broker or the Nymex facilitation desk. The block trades must be reported to the exchange within five minutes of execution and the minimum size will be 100 contracts.

DME chief executive Gary King said: “This latest development is in response to a growing demand from our members and customers to submit their off-exchange transactions to the DME.”

Block trading approval came from the DME’s regulator, the Dubai Financial Services Authority.

See also:  DME, Ice neck-and-neck on crude futures

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