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The Dubai Mercantile Exchange Limited (DME), a joint venture between the New York Mercantile Exchange, Inc (NYMEX) and Tatweer, a member of Dubai Holding, today announced that it has decided to revise the launch date of the DME to June 1, 2007, subject to regulatory approvals of its clearing arrangement.
Launching an international commodity exchange in the Middle East and a new sour crude oil benchmark is unprecedented as well as extremely challenging. The regulatory, technical and commercial aspects that need to be conceived, considered and acted upon to ensure that the DME succeeds, are necessarily complex and it is essential that absolutely everything is in place when the exchange goes live.
