The Dubai Mercantile Exchange (DME) is expected to be majority-owned by the world's largest commodity trading platform by the end of the month, as it seeks to become the benchmark index for crude traded out of the Gulf.
The Chicago Mercantile Exchange (CME), which already holds a 25 per cent stake in the DME, is to become the majority partner in the joint venture, according to Thomas Leaver, the DME's chief executive.
"They've woken up to see what a jewel in the crown they have, vis-a-vis the Oman contract and what it will mean for the East of Suez market," Mr Leaver said.
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