Dubai Gold and Commodity Exchange (DGCX) will launch WTI and Brent oil contracts on May 27 - a move which will ignite the rivalry between itself and Dubai Mercantile Exchange (DME).
The cash-settled contracts will see DGCX enter the energy space, placing it in direct competition with established oil exchanges, New York Mercantile Exchange (Nymex), Intercontinental Exchange (ICE) and its fellow Dubai bourse, DME.
While the two Dubai exchanges are both engaged in the commodities space, both had previously avoided direct competition. However, with this launch DGCX will beat DME to the punch of listing the contract by six days. DME will launch its own financially-settled Brent contract, alongside...