Abu Dhabi's new Murban exchange set to be a regional centre for crude - NYSE Chairman | ZAWYA MENA Edition:
The new international exchange for Murban crude oil that will be based in Abu Dhabi is set to open significant possibilities for the UAE capital by evolving into a transparent, regulated regional center for crude, according to the chairman of New York Stock Exchange (NYSE).
Intercontinental Exchange, a major operator of global exchanges, earlier this week announced that it’ll launch ICE Futures Abu Dhabi (IFAD) that will host the world's first futures contracts based on Abu Dhabi National Oil Company's (ADNOC) flagship Murban crude oil. Read more here:
“Exchanges are iconic. Stock exchanges (in the US) are often wrapped with the American flag on the entire building. If you look at photos of the New York Stock Exchange, you’ll see that it is a symbol of capitalism for the United States in the same way that what we’re looking to do here is create a functioning symbol for Middle East crude that can roll its span,” said Jeffrey Sprecher, chairman of NYSE on Tuesday.
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