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DGCX: Two New Crude Contracts To Be Traded

Dubai Gold and Commodities Exchange, DGCX, informed yesterday that it would start trading two new crude oil futures contracts since May, 27

DGCX: Two New Crude Contracts To Be Traded

Dubai Gold and Commodities Exchange, DGCX, informed yesterday that it would start trading two new crude oil futures contracts since May, 27.

Malcolm Wall Morris, CEO of the Dubai-based futures exchange, said the new contracts would be based on the world's two most significant crude oil benchmarks — West Texas Intermediate Light Sweet Crude (WTI) Oil and Brent Crude Oil (DBRC).

The launch of WTI and Brent Crude Oil futures on DGCX, a week ahead of a similar cash-settled Brent contract by the Dubai Mercantile Exchange, makes the world's two most significant crude oil benchmarks available to both regional and international market participants, allowing them to benefit from trading and clearing transactions under the UAE regulatory and taxation regimes.

Morris said the exchange was responding to customer demand by removing cost and time inefficiencies. "The WTI contract will be settled based on prices on the New York Mercantile Exchange (Nymex) and the Brent contract on prices on the Intercontinental Exchange, (ICE). Both contracts, denominated in U.S. dollars, will be cleared by the Emirates Securities and Commodities Authority."

The new DGCX oil futures contracts will trade from 08:30 a.m. to 11:30 p.m. local Dubai time or from 04:30 a.m. through 07:30 p.m. GMT or from 00:30 am through 03:30pm Eastern time. Each DGCX crude oil futures contract is sized at 1,000 barrels, with the contract price quoted in US dollars and cents per barrel. The minimum price fluctuation will be one cent per barrel, equivalent to a tick value of $10.00, Morris explained.

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