Hong Kong to launch new commodity exchange
Commodity Online
NEW DELHI: Following a boom in commodities markets across the globe, Hong Kong has also decided to start a new exchange to trade oil and other commodities.
According to news reports, the Hong Kong Mercantile Exchange will trade US dollar oil contracts when it opens in the first quarter of 2009, then expand into other commodities trading.
A press note said that the fuel oil, to be stored along southern China’s border, will be available for delivery on the mainland or overseas.
The exchange would be a bridge between China and global investors, helping set prices that better reflect the country’s surging demand for oil and other raw materials.
It would also give traders access to one of the fastest-growing markets for energy.
There is a huge opportunity for Hong Kong to develop a commodities Futures market that can cater to the mainland.
The exchange will be chaired by Barry Cheung, former deputy chairman of Titan Petrochemicals Group, a transportation and oil-storage company.
Possible investors and members include Lehman Brothers, Merrill Lynch.
Commodity Online
NEW DELHI: Following a boom in commodities markets across the globe, Hong Kong has also decided to start a new exchange to trade oil and other commodities.
According to news reports, the Hong Kong Mercantile Exchange will trade US dollar oil contracts when it opens in the first quarter of 2009, then expand into other commodities trading.
A press note said that the fuel oil, to be stored along southern China’s border, will be available for delivery on the mainland or overseas.
The exchange would be a bridge between China and global investors, helping set prices that better reflect the country’s surging demand for oil and other raw materials.
It would also give traders access to one of the fastest-growing markets for energy.
There is a huge opportunity for Hong Kong to develop a commodities Futures market that can cater to the mainland.
The exchange will be chaired by Barry Cheung, former deputy chairman of Titan Petrochemicals Group, a transportation and oil-storage company.
Possible investors and members include Lehman Brothers, Merrill Lynch.