08 maj: SOFTS HIGHLIGHTS: Top Stories Of The Day
08 maj: PRECIOUS METALS HIGHLIGHTS: Top Stories Of The Day
08-05-2012 21:32:00

CME CEO: Commitment From CME To Draw Business To Dubai Merc

Relateret indhold

By Jacob Bunge

Of DOW JONES NEWSWIRES

Trading on a small Dubai futures market backed by CME Group Inc. (CME) could pick up more steam after the Chicago-based exchange operator boosted its stake in the platform earlier this year, according to CME's new chief executive.

Potential customers had wanted CME to strengthen its commitment to the Dubai Mercantile Exchange before they embraced the market's crude oil futures contract, according to Phupinder Gill, who took over as CEO of CME last week.

CME's prior 25% stake in the Dubai Mercantile Exchange was seen by some traders as translating to a "lack of commitment" by the world's largest exchange operator, Gill told investors in a presentation Tuesday.

The move by CME in February to boost its stake to 50% "could cause them to take on the contract on the DME," said Gill, who has played a key role in managing CME's international alliances in his prior role as president.

The DME reported a trading record Tuesday for the month of April with more than 123,000 contracts changing hands, topping a record set in March by 9%. By comparison, CME's New York Mercantile Exchange division, the company's main hub for energy trading, saw 1.6 million contracts change hands per day last month.

The DME's flagship market is in Oman sour crude futures, which the exchange and CME have sought to position as a better tool for pricing the variety of oil produced in the Middle East versus the sweeter West Texas Intermediate variety traded on the Nymex and the Brent oil contract offered by rival IntercontinentalExchange Inc. (ICE).

While Oman futures trading has grown, only the relatively small Gulf producers Dubai and Oman use the contract to price their oil exports. Major exporters Saudi Arabia, Kuwait, Abu Dhabi, Iraq and Iran all use the Dubai and Oman crude assessments published by Platts, a division of McGraw-Hill when setting their official selling prices for crude sales to the booming Asian region.

At the same time that CME raised its stake in the DME to 50% in late February, the Oman Investment Fund raised its holding to 29% from 25%. The balance of 12% is held on a non-voting basis by strategic investors that include Vitol, Royal Dutch Shell PLC (RDSA, RDSA.LN), J.P. Morgan Chase & Co. (JPM), Morgan Stanley (MS), Goldman Sachs Group Inc. (GS) and Concord Energy.

Trading volumes on the DME last year climbed 19% over 2010 levels, with an average 3,505 contracts traded a day.

-By Jacob Bunge, Dow Jones Newswires; 312 750 4117; jacob.bunge@dowjones.com

--Summer Said and Iman Dawoud contributed to this article.

(END) Dow Jones Newswires

May 08, 2012 15:32 ET (19:32 GMT)

Opret kommentar

Relateret debat

  • 1 uge
  • 1 måned
  • 1 År
Ingen indlæg

Fondsbørsmeddelelser

WHO: Omkring 200.000 ebola-vacciner er klar til sommer

24-10-2014 16:27:18
Hundredtusindvis af ebola-vacciner vil være tilgængelige i Afrika i midten af 2015.Det siger verdenssundhedsorganisationen WHO's vicegeneraldirektør, Marie-Paul..

Vestas modtager kinesisk ordre på 50 megawatt

24-10-2014 12:28:37
Vestas har modtaget en fast og ubetinget ordre i Kina på 50 megawatt. Ordregiver er Hanas, som tre gange tidligere i 2014 har købt møller hos den danske produce..

Vestas-kunde i stor aftale om strømsalg

24-10-2014 11:22:56
Den amerikanske udvikler af vindmølleprojekter Geronimo, som er kunde hos Vestas, har indgået aftale om salg af 140 megawatt af den kapacitet på 210 megawatt, s..

Mest læste nyheder

  • 24 timer
  • 48 timer
  • 1 uge
1
Novo Nordisk skal undersøges for produktionsproblemer
2
OW/Jyske: Sænker kursmål for volatil forretning
3
WHO: Omkring 200.000 ebola-vacciner er klar til sommer
4
ECB: 25 europæiske banker dumper stresstest - bureau - NY2
5
ECB: 25 europæiske banker dumper stresstest - medie

Relaterede aktiekurser

JPMorgan Chase & Co 58,74 1,2% Stigning i aktiekurs
Morgan Stanley 34,32 1,1% Stigning i aktiekurs
Royal Dutch Shell PLC 'A.. 2.197,00 -0,6% Fald i aktiekurs
Goldman Sachs Group Inc 183,35 1,8% Stigning i aktiekurs
Royal Dutch Shell PLC 'B.. 2.287,00 -0,5% Fald i aktiekurs
Royal Dutch Shell PLC CL.. 70,90 0,1% Stigning i aktiekurs
CME Group Inc- Class A 82,31 1,4% Stigning i aktiekurs
Royal Dutch Shell PLC CL.. 74,09 0,2% Stigning i aktiekurs
Royal Dutch Shella 27,88 -0,5% Fald i aktiekurs
Royal Dutch Shellb 29,10 0,0% Fald i aktiekurs
JP Morgan COM STK USD1 58,23 -0,3% Fald i aktiekurs

Køb- og salgsanbefalinger

  • Trend
  • Pengemaskinen

Relaterede selskaber
Få adgang til information og anbefalinger af relaterede selskaber med PLUS pakken.

Du får adgang til 7 værdifulde investorværktøjer til investering.

Klik her og læs mere om PLUS pakken.
Euroinvestor i andre lande: Euroinvestor.com | Euroinvestor.se | Euroinvestor.no | Euroinvestor.fr | Forexinvestor.com| Wisselkoersen.nl | Valuta.se | Valutaveksel.no | Divisas.es | Valute.it
Copyright Euroinvestor A/S 2014  Disclaimer Privatlivspolitik
Aktieinformation leveres af Interactive Data.
Data er forsinket 15-20 minutter iht. de enkelte børsers regler om videredistribution.
 
25. oktober 2014 15:26:46
(UTC+01:00) Brussels, Copenhagen, Madrid, Paris
Version: LiveBranchBuild_20141024.3 - EUROWEB7 - 2014-10-25 15:26:46 - 2014-10-25 15:26:46 - 1 - Website: OKAY

Når du besøger Euroinvestor.dk accepterer du, at der anvendes cookies, som vi og vores samarbejdspartnere benytter til funktionalitet, statistik og markedsføring. Læs mere om cookies på Euroinvestor.dk her

x