The Dubai Mercantile Exchange Limited (DME) today announced that it has received approval from its regulator, the Dubai Financial Services Authority (DFSA), to implement a "Block Trade Rule". Members and customers complying with the new rule's conditions will be able to submit privately-negotiated transactions of the Oman Crude Oil Futures Contract to the DME from January 14, 2008.
Block trades can be submitted to the Exchange via the NYMEX ClearPort Trade Entry Portal by a broker or the NYMEX Facilitation Desk. The block trades must be reported to the Exchange within five minutes of execution and the minimum size will be 100 contracts.
Gary King, Chief Executive Officer of the DME, commented: "This latest development is in response to a growing demand from our members and customers to submit their off-exchange transactions to the DME.
"We are delighted to be able to offer them the world-class block trading facility developed by NYMEX and have been working with the over the counter brokers to make sure that they are aware of this new business opportunity. We look forward to a long partnership with them."
