CME Group, the US derivatives exchange, and the Dubai Mercantile Exchange said they have migrated DME's contracts to the CME Globex electronic trading platform.
CME Group is world's largest and most diverse derivatives exchange.
The transition enables the world's three crude oil benchmarks – WTI, Brent and Oman – to trade on the same platform alongside CME Group products across all major asset classes. DME contracts were made accessible for trading beginning yesterday. Clearing will continue to process through the Nymex clearing house until it is integrated with CME Clearing.
"This migration is not only a strong step forward in the growth of the DME's existing contracts but is also a mark of the success that the DME has achieved in building robust contracts recognised and traded by leading industry participants," DME Chairman Ahmad Sharaf.
"The visibility and reach offered by the CME Globex platform will dramatically increase the global exposure of both the DME Oman Crude Oil Futures Contract, and the DME Oman Crude Oil Financial Contract, which also successfully migrated to the CME Globex platform on February 2."
"The transition of DME's contracts to CME Globex further represents the benefits of merging the Nymex businesses with CME Group, not only increasing the distribution of the contracts to a global set of hedgers and investors, but also opening up new possibilities for arbitrage and other sophisticated trading strategies on a single, virtually 24-hour platform," said Terry Duffy, CME Group Executive Chairman.
"These benefits are available to established users as well as the participants we welcome along with the DME contracts," Duffy said.