Regulators in Dubai and the US have signed an agreement to help prepare for the launch of the first energy futures exchange in the Middle East, a statement said.

The Dubai Financial Services Authority (DFSA) signed the deal in New York with the Commodity Futures Trading Commission (CFTC), the primary regulator of commodity derivatives trading in the US.
The CFTC regulates 24 exchanges and clearing houses including the New York Mercantile Exchange which is working with the Dubai government's investment arm to set up the new energy futures bourse – the Dubai Mercantile Exchange (DME).
"The relationship between DFSA and CFTC will be important to ensure effective and coordinated regulation of the proposed DME," said David Knott, CEO of the DFSA, which regulates the Dubai International Financial Centre, a new investment zone.
"Much of the technical operating and clearing platform of the new exchange will be provided by NYMEX and... some key activities will be processed through Nymex's existing infrastructure in New York," the statement quoted him as saying.