CME Group Inc. said it will double its stake in the Dubai Mercantile Exchange to 50%, eying expansion of a key oil-futures contract at a time when rival exchanges are reassessing their role in the Gulf region.
CME will pay an undisclosed sum to lift its stake despite still-small trading activity on the DME platform, which the Chicago-based exchange operator of the New York Mercantile Exchange has backed as providing a third global benchmark for crude-oil trade targeting suppliers in Asia.
The investment, disclosed Tuesday, also underscores major exchange groups' refocused efforts on building ties with smaller, foreign-based market operators after a year of megamerger efforts fell apart amid regulatory and nationalistic barriers.
No comments:
Post a Comment