Dubai Mercantile Exchange – DME

The Dubai Mercantile Exchange (DME) is a commodity exchange based in the United Arab Emirates. Founded in 2005, the exchanges offers primarily energy futures. The DME is a partnership involving the Oman Investment Fund (OFI), the Chicago Merchantile Exchange’s CME Group, and the Dubai Government’s main holding company Dubai Holding. Shareholders in the Dubai Mercantile Exchange include a range of international financial institutions and energy trading companies.

The exchange’s main offering is the Oman Crude Oil Futures Contract (OQD), which sets benchmark prices for Oman and Dubai crude in the Asian market. Other products offered by the exchange include the DME Oman Crude Oil European Style Option Contract (OQE) and the DME Oman Crude Oil Financial Contract (ZGD). The exchange is open to foreign traders, including traders from the United States and 23 other countries. All trades on the Dubai Mercantile Exchange are cleared through the New York Mercantile Exchange (NYMEX), and the exchange itself is regulated by the Dubai Financial Services Authority.

The DME uses the CME Globex electronic trading platform, and electronic trading is open from 4:00 p.m. on Sundays and from 5:00 p.m. from Monday to Thursday, and closes at 4:15 p.m. the following day. Trading times are set at North America Central Standard/Daylight Time. Trading is in U.S. dollars and prices are set per barrel. The minimum trading unit is 1,000 U.S. barrels, or 42,000 gallons.

>> Read more about the other Commodity Trading Exchanges