Exchange to combine floor and electronic trading
New York Mercantile Exchange (Nymex) has confirmed reports
that it plans to open an exchange in Dubai as a joint venture
with Dubai Holdings, an investment arm of Dubai's government.
Nymex said that it expected to launch Dubai Mercantile Exchange
(DME) early in 2006.
According to a Nymex statement, the new exchange will house
both open outcry and electronic trading platforms, and trades
executed at the new exchange will be executed through Nymex's
clearinghouse in New York. How the split would work was
unclear, although observers suggested the most likely approach
would be open outcry trading hours with an electronic platform
open around them, in the same way as Nymex's home market.
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