Rochester, NY 8/12/2009 8:54:15 AM
After Hours - CME Group Inc., CME - CME and Bursa Malaysia settled an agreement to launch oil palm contract
CME Group Inc.
CME Group, the world’s largest derivatives exchange, announced Tuesday, that it will soon develop a US dollar-denominated contract for palm oil, this is after the company settled an agreement Bursa Malaysia to use its ringgit-denominated contract as a benchmark.
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“This initiative, when implemented, will enable our customers from other markets to access Bursa Malaysia’s derivatives markets and products,” said Terry Duffy, executive chairman of CME Group in Chicago. Dato’ Yusli Mohamed Yusoff, chief executive of Bursa Malaysia in Kuala Lumpur, added that the agreement was “aimed at globalising the Malaysian crude palm oil futures market.”
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