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Thursday, Sep 15, 2005

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NCDEX to launch Brent crude futures today

Our Bureau

Mumbai , Sept. 14

THE Forwards Market Commission (FMC) is due to submit a report on the participation of mutual funds and financial institutions in multi-commodity exchanges.

Mr S. Sundereshan, Chairman, FMC, on Wednesday said the report is being finalised by an internal committee of FMC.

At the launch of brent crude futures on the National Commodity and Derivatives Exchange Ltd (NCDEX), Mr Sundereshan urged commodity exchanges to ensure that no changes are effected after the launch of contracts. He reiterated the need for disseminating price information at the farmer level.

The NCDEX is slated to commence brent crude futures from September 15. The contracts will be in rupee and the size will be 100 barrels.

Domestic oil companies and other energy users are expected to trade in brent crude contracts to hedge their price risks on the NCDEX, which has entered into a strategic tie-up with the International Petroleum Exchange, Europe's leading energy futures and options exchange. The contract cycle on the NCDEX will be similar to that of the International Petroleum Exchange.

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