New York Mercantile Exchange And Budapest Stock Exchange Sign Memorandum Of Understanding

The New York Mercantile Exchange, Inc., and the Budapest Stock Exchange and the Budapest Commodity Exchange announced today that they have signed a memorandum of understanding to explore areas of cooperation that could mutually benefit the exchanges.

The exchanges will work together to develop a standardized Urals crude oil futures contract in Budapest, a market that does not currently exist. They will cooperate in product development, marketing activities, and market creation.

Exchange President James E. Newsome said, "We are pleased to work with the Budapest Stock Exchange and Budapest Commodity Exchange to create this contract that will not only benefit our respective memberships, but will also serve as a much-needed crude oil benchmark in the region. We look forward to working together and building a partnership with the goal of establishing a fair and liquid marketplace."