Hong Kong gets commodities exchange

Revealed at a press conference yesterday, the HKMEx is expected to start trading its inaugural fuel oil contract in the first quarter 2009.

Hong Kong is about to get a commodities exchange that the backers say will allow end-users and traders to more efficiently hedge their price risks in China and across the rest of Asia รป something that has become more and more important with the sharp increase in commodity prices in recent years.

The exchange has the support of several international investment banks, including Barclays Capital, Cantor Fitzgerald, Lehman Brothers, Merrill Lynch and Morgan Stanley, and also of the Hong Kong...

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