Emirates News Agency – The Abu Dhabi Intercontinental Exchange Futures Exchange...

Emirates News Agency – The Abu Dhabi Intercontinental Exchange Futures Exchange...
Emirates News Agency – The Abu Dhabi Intercontinental Exchange Futures Exchange...

The first exchange in the world to trade Murban crude futures.

ABU DHABI, 12th October, WAM – The Intercontinental Exchange, listed on the New York Stock Exchange under the symbol / NYSE: ICE /, and the leading operator of global exchanges and clearinghouses and a provider of data and listing services, today announced its plans to launch operations of the Abu Dhabi Intercontinental Futures Exchange, the first The world’s stock exchange for trading futures contracts for Murban crude produced by the Abu Dhabi National Oil Company (ADNOC).

The Intercontinental Exchange stated its intention to launch the “Abu Dhabi Intercontinental Exchange Futures Exchange” at the end of the first quarter of 2021, to be the trading headquarters for futures contracts for “Murban” crude, after obtaining the approval of the relevant regulatory and legal authorities in several bodies including the United States, Singapore, the United Kingdom, Switzerland, and others. Indicating that it will reveal the date of the start of trading in a timely manner.

It is decided that the Murban crude futures contracts will be traded on the Abu Dhabi Intercontinental Exchange as actual delivery contracts on the basis of sale and delivery on board “FOB”, provided that the delivery takes place in the Emirate of Fujairah in the United Arab Emirates. In addition to Murban crude futures contracts, the Abu Dhabi Intercontinental Exchange will provide a set of derivative financial instruments for the oil sector, which the exchange will launch on the first day of trading, including futures contracts.

The clearing of the contracts traded on the Abu Dhabi Intercontinental Futures Exchange will take place in the ICE Clear Europe global clearing house, in addition to other contracts traded on the Intercontinental Exchange such as Brent crude, West Texas Intermediate crude, crude “Platts” and low-sulfur gas oil. This enables clients to benefit from compensation margin and enhance capital efficiency.

On November 4, 2019, the Supreme Petroleum Council in Abu Dhabi announced the launch of a new pricing mechanism for ADNOC’s Murban crude, whereby the mechanism that relies on an official selling price was changed retroactively, and a new mechanism based on future pricing and market movement was applied and approved Murban contracts. Futures as a price indicator. The use of this mechanism enables customers and the market to better price, trade and manage their crude oil needs.

ADNOC’s Murban crude is considered one of the best crude oil in the world thanks to its unique chemical properties, stable production levels, attractiveness and popularity with international buyers and production partners and long-term concessions.

The Intercontinental Exchange announced the establishment of the Abu Dhabi Intercontinental Futures Exchange on the Abu Dhabi Global Market in November 2019.

-He praised-

These were the details of the news Emirates News Agency – The Abu Dhabi Intercontinental Exchange Futures Exchange... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Sustainable beauty: Capturing a rising demand for conscious living