Singapore's new commodities exchange is set to become the first in Asia to offer the two dominant futures contracts for crude oil. Thomas McMahon, chief executive of Singapore Mercantile Exchange SMX, announced on Friday that the company will be adding Brent futures to its product offering, in addition to the West Texas Intermediate WTI contracts it has already announced.
The cash-settled contracts will be denominated in euro and traded in lots of 1,000 barrels each, with maturities going out to 12 months. WTI is used as the global benchmark for oil prices, but Brent is also widely traded.
With robust growth in Asian economies, SMX expects growing...
¬ Haymarket Media Limited. All rights reserved.
