Dubai Mercantile Exchange receives further Regulatory
Approvals from the Middle East, Europe and Asia Pacific
Dubai – 4 April, 2007:
The Dubai
Mercantile Exchange Limited (DME), a joint venture
between Tatweer, a member of Dubai Holding, and the New
York Mercantile Exchange Inc. (NYMEX), announced today
that it has received no objections from the Sultanate of
Oman’s Capital Market Authority, the Financial Services
Regulatory Authority of Ireland and the New Zealand
Securities Commission and a regulatory authorisation
from the Swiss Federal Banking Commission.
The regulatory approvals include the DME’s first from
Middle Eastern and European jurisdictions and further
approval from the Asia-Pacific region. They follow last
month’s ‘no objection’ letter from International
Enterprise Singapore and ‘no restriction to provide
direct access’ from Japan’s Ministry of International
Trade and Industry.
Such approvals from overseas jurisdictions are essential
as the DME seeks to attract participation from a wide
range of international as well as local and regional
energy traders. The DME’s clients in the Sultanate of
Oman, Switzerland, Ireland and New Zealand will be able
to access the DME Direct TM electronic trading platform
when the Exchange launches on May 1 2007, subject to the
Dubai Financial Services Authority (DFSA) granting the
DME a license to operate as an Authorised Market
Institution. The authorisations also allow the DME to
admit entities from these jurisdictions as members,
providing they meet the relevant DME criteria.
Welcoming these decisions, Gary King, Chief Executive of
the DME, said: “This is yet another important milestone
for us as we continue to progress towards the historic
launch of the Middle East’s first energy futures
exchange next month.
“These approvals demonstrate our global reach and are
the latest of many requested from regulators around the
world to enable our customers to trade on the Exchange
from day one. The regulatory approval process is also
well advanced with the DFSA in Dubai,” he added.
Based in the Dubai International Finance Centre (DIFC),
the DME recently announced other significant progress
including the completion of its two-storey high, 500
square-metre, state-of-the-art trading floor which is
located in the DIFC, and receipt of a high volume of
applications for all categories of membership.
The initial three contracts to be traded on the DME when
it launches will be the physically delivered Oman Crude
Oil Futures Contract and two financially settled futures
contracts, the Brent-Oman Spread Contract and a WTI-Oman
Spread Contract.
The DME, ENOC Supply & Trading (LLC) and Emirates
Airline are currently exploring the potential
development of a jet fuel futures contract in
collaboration with other industry stakeholders with a
view to listing the first jet fuel futures contract on
the Exchange at a later date in 2007.
Privacy Policy