News

Straits Financial Services clinched the inaugural trade for APEX’s newly launched 380cst Fuel Oil Futures Contract

Apr 12, 2019

Singapore

Asia Pacific Exchange (APEX) has officially launched its 380cst Fuel Oil Futures Contract (Contract Code: FO) for trading on 11th April 2019 at 9pm Singapore time. Straits Financial Services Pte. Ltd. (“Straits”), one of the initial Clearing Members of the exchange, had successfully executed the first trade order of the contract for a client, marking another momentous millstone for the company.

Straits has previously clinched the inaugural trade for the exchange’s first contract back in May 2018 – the RBD palm olein futures contract. Straits continues to be prepared and strive to bring new trading opportunities to our clients.

The 380cst Fuel Oil futures contract launched has a small contract size of 10MT/contract and is USD-denominated. The contract is physically delivered via the use of APEX Fuel Oil Warehouse Receipts at APEX Approved Warehouses. This is the third contract launched by the exchange since its establishment and it intends to develop more futures and options contracts for both commodity and financial derivatives products, including agriculture, energy, petrochemical, metal, interest rates and stock indices, with the aim to establish Asian pricing benchmarks for global commodities.

“We are pleased to have executed the first trades for the APEX 380cst Fuel Oil futures contract last evening on behalf of our client,” said Mr. Roger Quek, Managing Director of Straits Financial Services Pte. Ltd. “The APEX 380cst Fuel Oil futures adds vibrancy to the oil and gas community by bringing about new trading opportunities against global benchmarks. Our active participation is again a testament to our commitment and readiness in reacting to new market developments and delivering a holistic service to our clients with the support of physical deliveries and trade financing.”

About Straits Financial Group 

 Headquartered in Singapore, Straits Financial Group is the brokerage house under CWT Pte. 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 and in Jakarta. Straits Financial 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), New Zealand Exchange (NZX), CBOE Futures Exchange (CFE), Nasdaq Futures (NFX) and Asia Pacific Exchange (APEX). Straits Financial offers clearing access to all major global commodity exchanges. For more information, visit www.straitsfinancial.com.