The Intercontinental Exchange, listed on the New York Stock Exchange, intends to launch operations of the Abu Dhabi Intercontinental Futures Exchange, the world's first exchange for trading futures contracts for Murban crude produced by the Abu Dhabi National Oil Company, ADNOC .
According to the Emirates News Agency, the Intercontinental Exchange clarified its intention to launch the Abu Dhabi Intercontinental Exchange Futures Exchange at the end of the first quarter of the year 2021 to be a trading venue for Murban crude futures. Obtaining the approvals of the relevant regulatory and legal authorities in several agencies, including the United States, Singapore, the United Kingdom, Switzerland, and others, indicating that they will disclose the date of the commencement of trading in a timely manner.
It is decided that Murban crude futures contracts will be traded on the Abu Dhabi Intercontinental Exchange as actual delivery contracts on the basis of FOB sale and delivery, provided that the delivery is in the Emirate of Fujairah In the United Arab Emirates. In addition to the 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.
and clearing operations for contracts traded on the Abu Dhabi Intercontinental Exchange of Futures Contracts will be conducted in ICE Clear Europe global clearing houses, in addition to other contracts traded on the Intercontinental Exchange such as crude Brent, WTI, Dubai Platts and low-sulfur gas oil, allowing clients to benefit from compensation margin and enhance capital efficiency.
The Supreme Petroleum Council in Abu Dhabi announced on November 4, 2019 the launch of a new pricing mechanism for ADNOC's Murban crude, according to which the mechanism that depends on the selling price A formal retrospective, and the application of a new mechanism based on future pricing and market movement, adopting Murban futures contracts as a price index. The use of this mechanism enables customers and the market to better price, trade and manage their crude oil needs.
ADNOC's Murban crude oil is among the best in the world due to its unique chemical properties, stable production levels, attractiveness and popularity with international buyers and production partners and long-term concessions. / p>
The Intercontinental Exchange announced the establishment of the Abu Dhabi Intercontinental Exchange Futures Exchange at the Abu Dhabi World Market in November 2019.
