Dubai-Mubasher: The Dubai Gold and Commodities Exchange (DGCX) listed the Dubai India Crude Oil Quanto Futures (DICO) on 1 July, according to a statement.
DICO will allow participants to trade in a crude oil futures benchmark referencing the Indian rupee, whilst trading in US dollars.
The futures’ structure combines the existing DGCX WTI prices and the rupee futures contract.
"The new India crude oil contract, sized at a tick value of $3, is slightly larger than the mini 100 barrel contract but allows more nimble trading due to its tick size," DGCX CEO Gaurang Desai noted.
The DICO futures contract will provide access to the Indian energy markets for a wider range of participants as WTI pricing accounts for over 25% of global supply.
