Mumbai, June 5
The Multi Commodity Exchange of India Ltd (MCX) and the New York Mercantile Exchange (NYMEX) on Monday entered into an exclusive licensing agreement for launching mini-NYMEX energy contracts on MCX.
Mr Sharad Pawar, Union Food and Agriculture Minister, signalled the agreement coming into effect with the traditional ringing of the bell. Mr Richard Schaeffer, Chairman, NYMEX, and Mr Venkat Chary, Chairman, MCX, signed the agreement on behalf of their exchanges.
The agreement will cover WTI light sweet crude oil, natural gas, heating oil, gasoline, RBOB gasoline and propane futures contracts of NYMEX.
The final settlement of these mini-contracts will be done based on the settlement price of reference contracts on NYMEX adjusted for local duties and taxes and in local currency.