DME Hopeful of Futures Contract Breakthrough

摘要

The Oman crude oil futures contract launched five years ago by the Dubai Mercantile Exchange (DME) continues to make steady if unspectacular progress, and has just received what is being portrayed as a major vote of confidence, in the shape of the Chicago Mercantile Exchange (CME) increasing its stake in the DME from 25% to 50%. That acquisition was partly intended as a signal to buyers and producers that the Oman contract has longevity, a key issue in persuading Mideast oil producers to switch to it as a benchmark. "We wanted to leave people with the impression that we're here for the long run," CME's commodities head, Kendal Vroman, told a press briefing last week.