How China Is About to Shake Up the Oil Futures Market [Bloomberg Business News]
CME Group Inc. - Class A (CME)
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Source: Bloomberg Business News
China, the world’s biggest oil buyer, is opening a domestic market to trade futures contracts. It’s been planning one for years, only to encounter delays. The Shanghai International Energy Exchange , a unit of Shanghai Futures Exchange, will be known by the acronym INE and will allow Chinese buyers to lock in oil prices and pay in local currency. Also, foreign traders will be allowed to invest -- a first for China’s commodities markets -- because the exchange is registered in Shanghai’s free trade zone. There are implications for the U.S. dollar’s well-established role as the global currency of the oil market. 1. When will trading begin? From March 26. Multiple rounds of testing have been carried out and all listing requirements met. push for oil futures gained impetus in 2017 when China surpassed the U.S. as the world’s biggest crude importer. The Asian nation’s purchases reached a record high last month. Top Oil Buyer China surpasses U.S. as world's biggest cr
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CME
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- 4/24/24 - Beat
CME
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- 4/3/24 - Form 4/A
- CME's page on the SEC website