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US Body Recognises DME as ‘Qualified Exchange’
DUBAI - The Dubai Mercantile Exchange Limited (DME) on Tuesday announced that the United States Internal Revenue Service (IRS) has issued a public ruling (Revenue Ruling 2009-4) that the DME is now recognised as a “qualified board or exchange” within the meaning of the Internal Revenue Code.
Commencing with DME contracts entered into or after on February 1st, 2009, the IRS ruling allows US taxpayers to elect to treat the gain or loss recognised with respect to DME contracts as 40 per cent short-term and 60 per cent long-term.
Ahmad Sharaf, Chairman, DME stated: “This ruling recognises the robust framework put in place when we initially established the DME.
The DME is regulated by the Dubai Financial Services Authority (DFSA) with further regulatory approvals, no objection or legal opinions from 23 other global regulators, and sold 72 memberships to blue chip financial institutions and energy trading firms in its first year of operation.
These achievements clearly underline the importance that the Exchange places on maintaining international best practices and standards, and we believe that this latest ruling further reflects the DME’s success in this regard.”
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