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BSE's India INX to offer crude oil futures contracts

Press Trust of India  |  New Delhi 

BSE-promoted International Exchange (INX) today said it will begin trading in crude future contracts from this month.

It will commence trading in WTI futures contract from October 20 and Brent futures contract from October 31, 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 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 IFSC are the two exchanges at the International Financial Services Centre (IFSC). While India INX went live in January, 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, October 11 2017. 17:07 IST