Nymex in venture to establish 1st Mideast energy futures exchange

Jun 13, 2005 | 09:30 AM |

The New York Mercantile Exchange has formed a 50-50 joint venture with Dubai Holding, an investment arm of the Dubai government, called the Dubai Mercantile Exchange (DME).

The Middle East's first energy futures exchange is expected to start trading-initially sour crude and fuel oil contracts-in early 2006.

Products will be traded both by open outcry and electronically. Software and systems set to run DME operations, including trade entry and risk management systems, will be provided by Nymex.....

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