Houston, Texas: US Crude oil prices fell on Thursday after weak US economic data spurred worries over crude oil demand. The US crude declined $2.23, or 4.6 percent, to settle at $46.25 a barrel. Brent crude was last down $1 to trade around $48 a barrel. Early in today’s trading session, US crude moved higher, breaking above $50 a barrel on a fall in the dollar. And very interestingly, the US crude also briefly traded at a premium to Brent, rather than the discount it normally sustains, as the Brent front-month contract traded in its last day before expiry. Read More >>
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Financial Technologies (FT) Group’s Singapore Mercantile Exchange (SMX) has received final approval from Singapore authorities to operate as an international commodity and currency derivatives exchange there.
SMX is the first pan-Asian multi-product commodity and currency derivatives exchange. The Monetary Authority of Singapore (MAS) granted ‘Approved Exchange’ status to SMX to operate out of Singapore as a regulated and licensed exchange, a company release said here. SMX has announced four products, which will be traded when the exchange goes live:
- Gold futures contract with physical delivery
- West Texas Intermediate (WTI) Crude Oil
- Brent-Euro Crude Oil and
- Euro-US Dollar futures contracts
“SMX will create a new generation international commodity and derivative trading platform at par with best global exchanges in New York and London,” Financial Technologies Group CEO and SMX’s Vice Chairman, Jignesh Shah said. SMX is a wholly-owned subsidiary of Financial Technologies Group.