UAE - Mubasher: Dubai Mercantile Exchange (DME), an international energy futures and commodities exchange, has launched Alternative Crude Ecosystem (ACE), a new bilateral trading platform where multiple crude grades will be traded.
Through the new trading platform, DME will enable the Middle East crude participants to trade bilateral barrels of Dubai, Upper Zakum, Murban, Basrah Light, Basrah Heavy, Al Shaheen, and Oman, according to a press release on Monday.
For the first time, these crude grades will be available on one platform as differentials against the DME Oman Sour Crude Futures Benchmark.
The new platform highlight the growing importance of DME Oman in the Middle East, representing consistent fair value for Sour Crude barrels to the East of Suez.
The Managing Director of DME, Raid Al-Salami, said: "ACE is a unique platform where it combines Futures and Over the Counter (OTC) in one transparent window for the very first time, offering all participants opportunities to optimize their trading activities and manage their exposure across multiple crude grades."
Meanwhile, the CEO of DIFC Authority, Arif Amiri, commented: "Our enabling platform continues to provide opportunities for clients to innovate and together we are shaping the future of finance."
