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NYMEX to help launch CEE crude oil contract in Budapest |
Heads of the Budapest Stock Exchange (BSE) and of the Budapest Commodity Exchange (BCE), and the President of the New York Mercantile Exchange (NYMEX) agreed on 15 February to jointly create a Central European crude oil contract, the BSE said in a statement on Monday.
The agreement was signed by Sándor Török, Chairman of BCE, Csaba Bugár, CEO of the BCE, Zsolt Horváth, CEO of the BSE and James E. Newsome, President of NYMEX in London.
The cooperation will allow investors in the region to enter trading of a product with high volatility. Experts of the exchanges will elaborate the technical details of the cooperation in the weeks to come: traders' access to each other's markets and the possible ways of settlement of the joint contract.
Trading of the new product is expected to start in Budapest still this year, following the merger of the BCE and the BSE.
Source: Portfolio online financial journal
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21.02.2005
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