DME to launch sour crude contract

The Dubai Mercantile Exchange (DME), a 50/50 joint venture between the New York Mercantile Exchange and a subsidiary of Dubai Holding Limited, unveiled plans last month to launch a Middle East sour crude oil futures contract and a new trading hub concept on an electronic trading floor.

Scheduled to open this year, the DME would be the first energy futures exchange in the Middle East.

The DME will be located in the Dubai International Financial Centre and regulated by the Dubai Financial Services

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