BSE signs Licensing Agreement to use Brent Index with ICE
Published: January 28, 2020
On Monday, the Asia’s oldest stock exchange, the Bombay Stock Exchange (BSE) with Intercontinental Exchange (ICE) Futures Europe which is a global operator of exchanges and clearing houses and provider of data and listings services, has signed a licensing agreement in order to use its Brent index as the settlement benchmark for the stock market’s rupee-denominated Brent futures contracts.
This licensing agreement will give access for rupee-denominated Brent benchmark prices to Indian market participants and providing appropriate and cost-effective onshore hedging products would strengthen the commodity markets plus it will also enable the price of Brent crude prices to be discovered in the Indian time zone based on domestic fundamentals.
Managing Director and Chief Executive Officer of Bombay Stock Exchange, Ashish Kumar Chauhan, expressed their gratitude for associating with InterContinental Exchange and said that they are looking forward to a long-lasting relationship which will strengthen the commodity markets and serving the needs and interests of the Indian energy commodities space.
Category: Economy & Banking Current Affairs