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DME considers selling 15% stake

Dubai Mercantile Exchange, a commodity exchange jointly owned by the Oman Government and Tatweer, a member of Dubai Holding, and the New York Mercantile Exchange, is planning to sell a significant minority stake to global financial institutions, according to sources.

  • By Babu Das Augustine, Banking Editor
  • Published: 00:10 May 29, 2008
  • Gulf News

Dubai: Dubai Mercantile Exchange, a commodity exchange jointly owned by the Oman Government and Tatweer, a member of Dubai Holding, and the New York Mercantile Exchange, is planning to sell a significant minority stake to global financial institutions, according to sources.

Commodity exchange officials offered no comments. However sources close to the bourse said the exchange is exploring the possibility of selling about a 15 per cent stake to some leading international fin-ancial institutions in an attempt to boost the liquidity.

Earlier this month, James E. Newsome, President and Chief Executive of the New York Mercantile Exchange and board member of DME, told Gulf News that the exchange has done extremely well in its first year of operation and a number of international institutions were keen to join the exchange as members and investors.

High volume: DGCX futures

The DGCX's WTI light sweet crude oil and Brent crude oil futures contracts launched on May 27 reported high volumes on the first trading session accounting for more than 45 per cent of the exchange's daily volume.

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