BSE-promoted India International Exchange (India INX) today said it will begin trading in crude oil future contracts from this month.
It will commence trading in WTI crude oil futures contract from October 20 and Brent crude oil futures contract from October 31, India INX said in statement.
The move comes after the exchange received approval from the Securities and Exchange Board of India (Sebi).
"We are extremely happy to launch Crude Oil future contracts on WTI and brent and commence trade within this month.
"Crude oil futures is a global commodity affecting every user and India INX will provide a global platform to allow all users to manage their price risk and hedging needs," India INX Managing Director and CEO V Balasubramaniam said.
The exchange would offer two contracts -- one with Brent crude as the underlying and the other with WTI crude. The contract size has been fixed at 100 barrels each.
Presently, BSE's India INX and the NSE IFSC are the two exchanges at the International Financial Services Centre (IFSC). While India INX went live in January, NSE IFSC started trading in June. These bourses offer trading facilities for 22 hours.
As of September 30, India INX registered a total cumulative turnover of over USD 5,600 million.
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