DME oil contract faces US hurdle

Dubai: The Commodity Futures Trading Commission (CFTC) has amended the "no-action relief letter" under which the Dubai Mercantile Exchange (DME) is permitted to make its electronic trading and order matching system available to DME members in the US. The details of the amended regulatory requirements are posted on CFTC's website. The new amendment requires the Dubai futures energy exchange to provide more data about traders and adopt US position limits if it wants access to US customers. "The new conditions are designed to help the Commission carry out its market surveillance responsibilities and maintain the integrity of prices established on CFTC-regulated exchanges in light of the fact that the DME intends to list for trading a cash-settled contract that settles on the price of a contract traded on a CFTC-regulated... [read full story]