Dubai Mercantile Exchange’s new platform will trade multiple crude grades

SourceZawya
SectorFinancial Markets
CountryUAE

International energy futures and commodities exchange Dubai Mercantile Exchange (DME) has launched the Alternative Crude Ecosystem (ACE), a new bilateral trading platform to enable participants to trade multiple crude grades through the exchange.The move comes days after Abu Dhabi started trading Murban crude futures contracts on ICE Futures Abu Dhabi, offering an alternative benchmark for the to Dubai crude, operated by S&P Global Platts, and Oman crude futures traded on the DME.DME, which is based in Dubai International Financial Centre (DIFC), will offer participants the opportunity to trade bilateral barrels of Dubai, Upper Zakum, Murban, Basrah Light, Basrah Heavy, Al Shaheen and Oman versus the DME Oman Sour Crude Benchmark futures. This new functionality allows traders a way to execute multiple over the counter (OTC) crude grades as differentials against DME Oman futures, the exchange said in a statement Monday.The Oman crude futures, launched in 2007 by the DME, is the Asian crude oil benchmark pricing a majority of...read more...