Shanghai International Energy Exchange (“INE”) today launched Crude Oil Futures contract opening up access to international participants. The INE enables Chinese buyers to lock in oil prices and to pay for it in Renminbi.
Glencore, the world's largest commodity trader, successfully executed the inaugural trade on the INE, brokered by Straits Financial Services Pte. Ltd. (“Straits Financial”) and cleared through Xinhu Futures Co., Ltd.
Straits Financial is among the first approved overseas intermediary brokers for INE. Since its inception in 2011, Straits Financial group has continuously invested time and efforts in developing strategic relationships with Chinese regulators, exchanges, traders and industry associations.
"This inaugural trade symbolizes the outcome of our strategy of combining strengths in global markets with China centric commodity market focus," said Mr Roger Quek, Managing Director of Straits Financial Services Pte. Ltd. "At Straits Financial group, we bring together a deep end-to-end expertise in energy markets ranging from brokering of physical trades, OTC energy derivatives and access to the world's liquid listed energy derivatives markets. We are pleased to be a part of this new development and believe that this will open new opportunities for oil price benchmark formation in Asia," Mr Quek added.
Glencore is one of the world’s largest globally diversified natural resources company. It has grown to become a major producer and marketer of commodities. Its operations comprise around 150 mining and metallurgical sites, oil production assets and agricultural facilities.
ABOUT SHANGHAI INTERNATIONAL ENERGY EXCHANGE
Registered in the China (Shanghai) Pilot Free Trade Zone on November 2013, INE is an international exchange that is jointly established as an initiative to globalize China’s futures market and develop Shanghai as China’s key financial hub. INE has been approved by the China Securities Regulatory Commission (“CSRC”) and focuses on providing trading clearing and delivery services for energy-related derivative products.
ABOUT STRAITS FINANCIAL GROUP
Headquartered in Singapore, Straits Financial Group is the brokerage house under CWT Limited that offers a full spectrum of derivatives & OTC products, including trade facilitation for physical commodities. Established affiliate offices are in Chicago, New Jersey, Shanghai, Hong Kong and in Jakarta. The U.S. subsidiary, Straits Financial LLC, is a full Clearing Member of the Chicago Mercantile Exchange (CME), Chicago Board of Trade (CBOT), New York Mercantile Exchange (NYMEX), the Commodity Exchange (COMEX), CME Clearport, Dubai Mercantile Exchange (DME), and the New Zealand Exchange (NZX). Straits offers clearing access to all major global commodity exchanges. For more information, visit www.straitsfinancial.com.