This follows the successful launch of the Dubai Mercantile Exchange’s (DME’s) benchmark Oman crude oil futures contract in 2007 amid record volumes and open interest in January 2008.
The DME’s new Brent contract will be cash-settled against Atlanta-based IntercontinentalExchange’s (ICE’s) Brent crude futures contract, while its new Oman contract will be cash-settled against the DME’s benchmark Oman crude oil futures contract.
In addition to being cleared at the New York Mercantile Exchange’s (NYMEX’s) clearinghouse, the new contracts will also be available for block trading, which was recently introduced by the DME, exchange for physical, and exchange for swap trades, using NYMEX’s ClearPort clearing.
The DME also announced that it will delist its Brent–Oman financial spread contract and West Texas Intermediate–Oman financial spread contract upon launch of the new contracts.
