The Dubai Gold and Commodities Exchange (DGCX) successfully launched its WTI light sweet crude and Brent crude oil futures contracts in late May. Malcolm Wall Morris, CEO of DGCX, says they are the most successful contracts in the exchange’s two and a half year history trading a notional value of $400 million on day one. “We launched the contracts due to customer demand and the desire of regional market participants based in the Middle East to have access to investment tools, and that demand increased due to high volatility,” Wall Morris says. DGCX’s WTI contracts will settle at the Nymex price and Brent contracts will settle at the ICE price.
Wall Morris notes that price benchmarks available on ICE and Nymex are now offered to regional investors in Dubai for the first time. “You’re bringing the world’s two premier crude oil benchmarks to the region, which produces the largest amount of crude oil in the world.”
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