UAE - Mubasher: Intercontinental Exchange Inc (ICE), a leading operator of global exchanges and clearing houses, will launch ICE Futures Abu Dhabi (IFAD) and the world’s first futures contracts based on Murban crude oil in the first quarter (Q1) of 2021.
After obtaining the regulatory approvals, ICE will launch IFAD and trade in futures contracts based on Abu Dhabi National Oil Company’s (ADNOC) Murban crude oil, according to a press release on Tuesday.
To be complemented with a number of cash-settled derivatives, ICE Murban Futures will be a physically delivered contract at Fujairah in the UAE on a free on board (FOB) basis.
The IFAD will be cleared at ICE Clear Europe, alongside ICE Brent, ICE WTI, ICE (Platts) Dubai, and ICE Low Sulphur Gasoil.
It is noteworthy to mention that in November 2019, ICE announced its plans to launch a new exchange, ICE Futures Abu Dhabi (IFAD), with ADNOC and nine of the world's largest energy traders in Abu Dhabi Global Market (ADGM).
