His Highness executed JRG’s First Trade in DGCX Crude Oil Futures Contracts
His Highness Sheikh Mana Bin Rashid Bin Mana Al Maktoum executed JRG’s First Trade in DGCX Crude Oil Futures Contract in the presence of His Highness Sheikh Mohamed Bin Rashid Bin Mana Al Maktoum. The special function held at MM Towers on 27th May 2008 at 8.30 a.m. JRG Introducing Brokers, DGCX Relationship Manager Mr. Deepak Sethi, JRG Vice President Sajith Kumar, MM Group Financial Controller Mr. Madhusudanan also were present.
His Highness expressed his happiness by stating that DGCX step to launch region specific contract shows the continuous strive for the success. During the function he wished all success to DGCX and appreciated JRG’s efforts to provide professional and advanced trading technologies and support for the benefit of the global investors.
DGCX listed cash settled futures contracts on West Texas Intermediate Light Sweet Crude (DWTI) Oil and Brent Crude Oil (DBRC) for trading from Tuesday 27th May 2008. WTI and Brent Crude Oil futures on DGCX makes the world's two most significant crude oil benchmarks available to both regional and international market participants, allowing them to benefit from trading and clearing transactions under the UAE regulatory and taxation regimes.
“JRG’s advanced trading platforms will enable global Investors to trade in DGCX Crude Oil Futures contract through Internet, Mobile and Indoor Trading Terminals,” Mr. Hazza Bin Mohammed, Director informed.
JRG Managing Director Mr. Regi Jacob informed that JRG’s Research Division already made all arrangements to provide daily research information to the global investors for doing trades in DGCX crude oil contracts. This report will be beneficial to the investors to do the trades easily with the help of daily research information. He informed that JRG made all arrangements to provide the details of DGCX Crude Oil contract through its 550 branches across India and in the Middle East
Mr. Giby Mathew, JRG Director informed that JRG will also provide Mobile Trading, Multi – Lingual Internet Trading softwares at zero cost for the convenience of the investors for doing DGCX Crude Oil contracts. JRG also decided to charge only nominal brokerage for the new contracts.
Mr. Sajith Kumar, VP of JRG said that JRG is delighted with the advanced steps taken by the management of DGCX to build the exchange into world-class by implementing internationally active contracts. This will be a big turn for the members of DGCX. He added.
The DGCX WTI and Brent Crude Oil futures contracts will trade from 08:30 a.m. to 11:30 p.m. local Dubai time or from 04:30 a.m. through 07:30 p.m. GMT or from 00:30 am through 03:30pm Eastern time. Each DGCX crude oil futures contract is sized at 1,000 barrels, with the contract price quoted in U.S. dollars and cents per barrel. The minimum price fluctuation will be one cent per barrel, equivalent to a tick value of $10.00. Initial Margin of each contracts will be $ 5,000/- per lot.
Crude oil is one of the world's most widely used commodities and is amongst the most liquid futures contract. Crude oil refers to petroleum in its raw form. Crude oil becomes useful after refining, which produces numerous oil-based component products, including petroleum gas, diesel, lubricants, heating oil, lubricating oils, aviation gasoline and asphalt among others. Brent crude oil is named after the Brent oil field in the North Sea, off the coast of Britain. WTI, also known as Texas Light Sweet is a type of light crude, lighter and sweeter than Brent Crude. Its properties and production site makes it ideal for being refined in the United States, mostly in the Midwest and Gulf Coast regions.
