The Dubai Mercantile Exchange (DME) announced on Feb. 19 that it will launched its Brent Crude Oil Financial Contract and Oman Crude Oil Financial Contract. Both futures contracts will be traded electronically on DME Direct, the DME’s electronic trading platform.
The new Brent contract will be cash-settled against the Brent Crude Futures Contract of Intercontinental Exchange (ICE), the leading global electronic market place for trading in futures and over-the-counter (OTC) energy contracts. On the other hand, the Oman contract will be cash-settled against DME’s benchmark Oman Crude Oil Futures Contract. The new contracts will also be available for block trading via DME's Exchange for Physical (EFP) and Exchange for Swap (EFS) trades, using the New York Mercantile Exchange (NYMEX) ClearPort Clearing.
Upon the launch of these two new contracts, DME will delist its Brent–Oman Financial Spread Contract (QN) and WTI–Oman Financial Spread Contract (QW).
The listing of new contracts is still subject to final regulatory approval by the Dubai Financial Services Authority.
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