ID :
24632
Wed, 10/15/2008 - 17:10
Auther :
Shortlink :
https://oananews.org//node/24632
The shortlink copeid
J.P. Morgan takes equity stake in Dubai Mercantile Exchange
Dubai, Oct 15, 2008 (WAM) - The Dubai Mercantile Exchange Limited (DME) announced that J.P. Morgan has taken an equity stake in the Exchange joining a number of other leading global financial institutions and energy trading firms, including Goldman Sachs, Morgan Stanley, Vitol, Concord Energy, Casa Energy Trading, and a Shell Group company, who were announced as strategic investors in the DME in early August.
DME's Board of Directors approved the issuance of an equity stake of up to 20% to strategic investors, with core shareholders New York Mercantile Exchange, Inc. (NYMEX, whose parent, NYMEX Holdings Inc, was recently acquired by the CME Group), Tatweer, a member of Dubai Holding, and the Oman Investment Fund collectively holding a 75% equity stake in the Exchange. The terms of the sale of this equity remain private and confidential.
The DME currently lists its flagship DME Oman Crude Oil Futures Contract, the only physically delivered Middle East sour crude oil futures contract, which is increasingly seen as a global benchmark for the pricing of Middle East sour crude oil.
The DME Oman Contract has seen growing levels of trading, which reached 24,980 in August, and are expected to continue to rise in the coming months. In addition, the Exchange recently launched the DME Brent Crude Oil Financial Contract and the DME Oman Crude Oil Financial Contract. In the first year of trading, more than 440 million barrels of crude oil were traded on the Exchange, a figure that continues to grow in line with strong interest, demand and growing participation on the DME.
DME's Board of Directors approved the issuance of an equity stake of up to 20% to strategic investors, with core shareholders New York Mercantile Exchange, Inc. (NYMEX, whose parent, NYMEX Holdings Inc, was recently acquired by the CME Group), Tatweer, a member of Dubai Holding, and the Oman Investment Fund collectively holding a 75% equity stake in the Exchange. The terms of the sale of this equity remain private and confidential.
The DME currently lists its flagship DME Oman Crude Oil Futures Contract, the only physically delivered Middle East sour crude oil futures contract, which is increasingly seen as a global benchmark for the pricing of Middle East sour crude oil.
The DME Oman Contract has seen growing levels of trading, which reached 24,980 in August, and are expected to continue to rise in the coming months. In addition, the Exchange recently launched the DME Brent Crude Oil Financial Contract and the DME Oman Crude Oil Financial Contract. In the first year of trading, more than 440 million barrels of crude oil were traded on the Exchange, a figure that continues to grow in line with strong interest, demand and growing participation on the DME.
