Dubai Mercantile Exchange wins IRS recognition

The Dubai Mercantile Exchange yesterday said it is now recognised as a "qualified board or exchange" by the United States Internal Revenue Service (IRS).

Commencing with DME contracts entered into or after on February 1 2009, "the IRS ruling allows US taxpayers to elect to treat the gain or loss recognised with respect to DME contracts as 40 per cent short-term and 60 per cent long-term", DME said. "We are finalising the migration period that will transition the DME contracts to CME Globex," said Thomas Leaver, DME CEO.