The Dubai Mercantile Exchange (DME) has launched a new trading platform that it says will enable participants to trade multiple Mideast Gulf crude grades through the exchange.
DME, which lists the futures contract for medium sour Oman crude, today announced the launch of the Alternative Crude Ecosystem (ACE). The new platform will facilitate the trade of bilateral barrels of Dubai, Abu Dhabi's Murban and Upper Zakum, Iraqi Basrah Light and Basrah Heavy, Qatari Al Shaheen, and Oman crudes against DME Oman crude futures.
The platform will allow "participants a way to execute multiple Over the Counter (OTC) crude grades as differentials against DME Oman futures", the DME said. Trade will be conducted around the DME's pricing window from 4pm-5pm Singapore time (8am-9am GMT).
The move comes after Abu Dhabi's new Murban crude futures contract started trading on the Ice Futures Abu Dhabi (IFAD) exchange on 29 March, providing a new pricing option for Mideast Gulf and other crudes flowing to Asia-Pacific.
