The Dubai Mercantile Exchange (DME) is preparing a final push to bring the world’s oil trade back to the Gulf, 20 years after the region surrendered the power of setting prices to markets in London and New York.
The two-year-old exchange, a joint venture between the Dubai developer Tatweer, CME Group, which owns New York’s top commodities exchange, and the Oman Investment Fund, has built up a daily trade of more than two million barrels a day in its benchmark Oman crude oil contract.
It has incorporated the latest electronic trading technology and brought in new floor members including oil companies, trading firms and Wall Street banks.
What do you mean by "final push"?
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