Trading on a small Dubai futures market backed by CME Group Inc. CME +0.61% could pick up more steam after the Chicago-based exchange operator boosted its stake in the platform earlier this year, according to CME's new chief executive.
Potential customers had wanted CME to strengthen its commitment to the Dubai Mercantile Exchange before they embraced the market's crude oil futures contract, according to Phupinder Gill, who took over as CEO of CME last week.
CME's prior 25% stake in the Dubai Mercantile Exchange was seen by some traders as translating to a "lack of commitment" by the world's largest exchange operator, Gill told investors in a presentation Tuesday.
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