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The Securities and Exchange Council (SEC), in charge of the organization of financial markets in India, agreed to launch futures on Oman crude in Mumbai, the Bombay Stock Exchange said yesterday.
According to Reuters, the Bombay Stock Exchange said in a statement that the settlement of the Oman crude contract on a Mumbai stock exchange would be made in exchange for the prices of the same crude oil contracts traded on the Dubai Mercantile Exchange the day they expire. This is the first Omani crude futures contract authorized by India, said Sameer Patil, head of business development at the Bombay Stock Exchange, said the stock market would launch monthly gross futures contracts. from Oman on Friday, with a settlement on the last business day of next month.
India, the third largest consumer and importer of oil in the world, does not buy large volumes of Oman crude, but crude is a standard indicator of the Middle East's supply. East sold in Asia.
Indian refiners use Oman crude as one of the criteria for pricing spot purchases of high sulfur raw materials as part of bidding calls.
On October 1, the Bombay Stock Exchange caused a shift in commodity derivatives by launching gold and silver futures.
It has signed an agreement with the Dubai Mercantile Exchange (DME) to develop and develop derivatives markets for crude oil.
Patel said the Bombay Stock Exchange could consider offering futures on Oman crude for three months and studying future contracts for Brent crude.
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