NEW YORK, 12 June 2005 — The New York Mercantile Exchange, the world’s largest physical commodities exchange, has joined with Dubai, the prosperous United Arab Emirates city, to build the first energy futures exchange in the Middle East.
Partnership documents were signed midday Friday at the NYMEX headquarters in New York for the creation of the Dubai Mercantile Exchange.
The exchange, which NYMEX will run and also serve as clearinghouse, is targeted to open by early 2006 with an initial offering of a benchmark sour crude futures contract.
The organizers said fuel oil futures will also be introduced early in the exchange’s operations.
NYMEX President James Newsome hedged on what other contracts the exchange will offer. Some sources have said DME may also offer a futures contract on gold.
“We have an open slate on what to offer ... we will listen to the marketplace and ask, ‘What are your needs?’” he added.
