The Tokyo Commodity Exchange (TOCOM) and the Dubai Mercantile Exchange (DME) have signed a memorandum of understanding for the development of energy contracts, such as crude oil, the Japanese commodity bourse said on Monday.

The two exchanges will "explore several areas of cooperation ranging from joint marketing activities, offering new services to facilitate trading for participants in both markets," according to Arabian Business.

The collaboration would play an important role in offering energy products such as liquefied natural gas and electricity and the launch of energy-related over-the-counter trading/clearing services, the statement quoted TOCOM President and CEO Tadashi Ezaki as saying.