Joint Asian Derivatives Exchange (JADE) is pleased to announce the approval by the Monetary Authority of Singapore (MAS) of its second product, Crude Palm Oil (CPO) Futures Contract. In consultation with market participants, the CPO futures contract is targeted for launch in the first quarter of 2007.
JADE Crude Palm Oil Futures Contract is denominated in US dollar and will be a physically delivered contract at the ports of Belawan and Dumai, Indonesia. The contract will be traded from 10am to 6pm Singapore time followed by a special one hour session beginning from 9.30am Chicago time¹. During these trading hours, participants can enjoy the speed, transparency and privacy of entering orders directly and seamlessly into the e-cbot® electronic trading engine. Participants will also benefit from the reliable and efficient clearing infrastructure of the SGX Derivatives Clearing House.
The specifications of the Crude Palm Oil Futures Contract have been actively consulted with members of the palm oil trade and the contract is strongly supported by the Palm Oil Advisory Committee which comprises key industry players. Please refer to Appendix 1 for the CPO product specifications. A full set of the CPO contract specifications will be available at www.jadeexchange.com from January 4, 2007 onwards.
As it steps up efforts to develop the commodities market in 2007, JADE is also pleased to announce the expansion of its management team with the appointment of Benjamin Foo, Head of SGX Clearing and Commodities Business, as its Chief Executive Officer. Benjamin will help drive this effort together with the Managing Director, Chong Kim Seng, and the JADE team. This move underscores the priority and importance that the CBOT-SGX joint venture Board for JADE places in building an Asian commodity derivatives market.
¹9.30am Chicago Time – 11.30pm Singapore Time (10.30pm Singapore Time during US Daylight Savings Time). Trades in this session will be valued and settled the next business day in Singapore.
