Asia's newest commodity exchange, the Singapore Mercantile Exchange SMX, yesterday said it will start trading the benchmark West Texas Intermediate WTI light sweet crude oil futures contract on its electronic trading platform when it goes live in August. This means the exchange has now identified two contracts that will be available from day one.
An average of 600,000 futures contracts on WTI are traded every day around the world, equivalent to about 600 million barrels of oil.
We see this as the first step towards establishing a broad base and multiple product facility for energy hedging, trading and investing from Singapore. The addition of a globally recognised benchmark to the existing suite of products...
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