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Dubai Gold and Commodities Exchange (DGCX), the region’s leading commodities derivatives exchange, launched its West Texas Intermediate Light Sweet Crude oil (DWTI) and Brent Crude Oil (DBRC) futures contracts on May 27th.
The contracts went live on DGCX at 8:30 am local Dubai time, and have attracted global interest from members, traders and industry players. This initiative will make the world’s two most significant crude benchmarks available to regional investors. The cash settled contracts will enable investors to clear transactions within the region, resulting in significant time and cost savings.
The contracts trade from 08:30am to 11:30pm local Dubai time or from 04:30am through 07:30pm GMT or from 00:30am through 03:30pm Eastern time. Each DGCX crude oil futures contract is sized at 1,000 barrels, with the contract price quoted in U.S. dollars and cents per barrel.
The minimum price fluctuation will be one cent per barrel, equivalent to a tick value of $10.00. DGCX has announced that a fee waiver will be in place for the DBRC and DWTI Crude futures contracts from May 27 through to August 26, 2008.
