Sultan Bin Sulayem, chairman of Dubai World, congratulated Dubai Gold & Commodities Exchange and joined in the momentous launch of its West Texas Intermediate (DWTI) Light Sweet Crude Oil and Brent Crude Oil (DBRC) futures contracts at a special ceremony on Tuesday. Sultan Bin Sulayem said “I congratulate DGCX and their members on the launch of West Texas Intermediate Light Sweet Crude Oil (DWTI) and Brent Crude Oil (DBRC) futures. The contracts mark the beginning of a new phase in the region's commodity trade.” “Having direct access to trade the world's most widely used energy futures markets locally provides numerous benefits to regional market participants. It enables both regional and international liquidity pools to meet and transact business. DGCX has made an impressive commitment - that of expanding the derivatives trade in the region." "And I wish them success as they do so,” he added. The region's first ever cash-settled WTI & Brent crude oil futures went live on DGCX at 8.30 am local Dubai time, enabling investors to trade and clear transactions in the UAE. The products seek to energize the portfolio of investors by offering new risk management tools, besides also providing time and cost efficiencies. A strategic initiative, the crude oil contracts are set to launch the next stage of growth for DGCX. __
