Dubai Mercantile Exchange Receives Regulatory No-Action Relief From U.S. Commodity Futures Trading Commission

Dubai Mercantile Exchange Receives Regulatory No-Action Relief From U.S. Commodity Futures Trading Commission

May 25, 2007

NYMEX receives CFTC regulatory approval to clear DME
trades


    DUBAI, United Arab Emirates, May 25 /Xinhua-PRNewswire/
-- 

    The Dubai Mercantile Exchange Limited (DME), a joint
venture between Tatweer, a member of Dubai Holding, and the
New York Mercantile Exchange Inc. (NYMEX), announced today
that it has received "no-action" relief from the
Division of Market Oversight of the US Commodity Futures
Trading Commission (CFTC). This relief enables US-based DME
Members and their "Guaranteed Customers" to enter
orders directly from the US through DME Direct(TM). In
addition, the CFTC issued an order permitting NYMEX and
CFTC-registered Futures Commission Merchants (FCM's) to
hold DME customer positions and associated funds in US
customer-segregated accounts in connection with NYMEX's
clearing of futures and options on futures contracts traded
on the DME. 

    Welcoming the decision, Ahmad Sharaf, Chairman of the
DME, said: "The DME has now received all necessary
regulatory approvals to operate as the Middle East's first
international energy and commodities futures exchange and
is ready to launch on June 1. Following three years of
preparation and consultation with the industry, we are
confident that our historic launch of the Middle East's
first international energy and commodities futures exchange
will create increased transparency and provide robust risk
management in the region for the first time."

    NYMEX President and Chief Executive Officer James E.
Newsome said: "NYMEX appreciates the effort and
cooperation of the CFTC.  The no-action relief and ability
to clear DME customers in US customer-segregated accounts
will facilitate US participation in the DME markets from
day one, which we believe will help establish the Oman
Crude Oil Futures Contract as the world's sour crude oil
benchmark."

    Gary King, Chief Executive Officer of the DME,
commented: "All elements of the Exchange are prepared
and ready to go -- most notable, the successful production
testing of DME Direct(TM), registration of more than 60
Members and over 20 Market Makers and last but not least
the completion of our state-of-the-art trading floor within
the Dubai International Financial Centre (DIFC)."  

    Chief Compliance Officer, Sarah Watts added: "We
recently announced that the DFSA had granted us the
Authorised Market Institution licence. In addition, twelve
of the world's leading strategic jurisdictions have given
us their regulatory approvals and `no objections', which
underscores the international confidence in the DME and its
regulatory and legal environment. The additional `no action'
relief granted by the CFTC provides further confidence and
certainty for our customers and partners. The CFTC has been
most diligent and constructive in guiding us through this
process and we would like to extend our sincere thanks to
them."

    The DME is set to launch the Middle East's first and
only physically-settled energy futures contract, the Oman
Crude Oil Futures Contract, on June 1, 2007 as well as two
financially settled futures contracts, a Brent-Oman spread
contract and a WTI-Oman spread contract.   

    In addition, the DME, ENOC Supply & Trading (LLC)
and Emirates Airline are currently exploring the
development of a jet fuel futures contract in collaboration
with other industry stakeholders with a view to listing the
first jet fuel futures contract on the Exchange at a later
date in 2007.

    About the Dubai Mercantile Exchange

    The Dubai Mercantile Exchange Limited (DME), a joint
venture between the New York Mercantile Exchange, Inc.
(NYMEX) and Tatweer, a member of Dubai Holding, aims to
become the premier commodity and energy futures exchange in
the Middle East, providing a financially secure,
well-regulated and transparent trading environment.

    The Exchange will initially develop and trade an Oman
Crude Oil Futures Contract. This will address a growing
market need for price discovery of Middle East Sour Crude
Oil while simultaneously bridging the time zone gap between
Europe and Asia by providing for the trading of energy
futures, options and other products. 

    The DME will be a fully electronic exchange. However,
in a unique concept, it will also bring together a
community of traders that will operate from trading hubs
and individual trading stations on the Exchange's floor,
which will be located within the Dubai International
Financial Centre (DIFC), the region's leading financial
services centre.

    The DME is regulated by the Dubai Financial Services
Authority (DFSA), a world class, independent regulator, and
all trades executed on the Exchange will be cleared through,
and guaranteed by, NYMEX's AA+ rated clearinghouse.  


    For more information, please contact:

    GCC 
     John Hobday
     Tel:   [phone]
     Email: [e-mail]

    London
     Alya Shakir
     Tel:   [phone]
     Email: [e-mail]

     Sean Galvin
     Tel:   [phone]
     Email: [e-mail]

    New York
     Amy Rosenberg
     Tel:   [phone]
     Email: [e-mail]

     Scot Hoffman
     Tel:   [phone]
     Email: [e-mail]

    Asia
     Julie Wang
     Tel:   [phone]
     Email: [e-mail]