INSUBCONTINENT EXCLUSIVE:
BSE on Monday said it has signed a licensing agreement with Intercontinental Exchange (ICE) to use its Brent index as the settlement
benchmark for the Indian bourse's rupee-denominated brent futures contracts.
India is one of the largest consumers and importers of crude
oil in the world and Brent crude is highly co-related with the Indian crude oil basket.
This licensing agreement will help Indian market
participants access rupee-denominated Brent benchmark prices and deepen the commodity markets by providing convenient and cost-effective
onshore hedging products, BSE said in a statement.
Besides, it will also enable the price discovery of Brent crude in the Indian time zone
based on domestic fundamentals.
BSE said it is dedicated to deepening the commodity markets by providing traders, investors and all market
participants convenient and cost-effective onshore hedging products.
"Oil producers, refiners, users and investors in India can benefit from
access to Brent crude prices
This agreement with ICE marks a new milestone and will go a long way in serving the needs and interests of the Indian energy commodities
space," it added.
"BSE welcomes the collaboration with ICE
We look forward to a long-lasting relationship to further deepen our commodity markets," BSE MD and CEO Ashishkumar Chauhan said.
BSE is
Asia's oldest stock exchange, while Intercontinental Exchange is a leading operator of global exchanges and clearing houses and provider
of data and listings services