New York Mercantile Exchange Board Announces Plans To Introduce Brent Crude Oil Futures Contract

At the recommendation of its crude oil advisory committee, the board of directors of the New York Mercantile Exchange, Inc., this morning voted to develop a 15-day Brent Blend crude oil futures contract that will be traded in the ring alongside the Exchange's benchmark light, sweet crude oil futures contract.

The new contract will be cash-settled based on an index currently under development by the Exchange staff and crude oil advisory committee.

Exchange Executive Vice President Neal Wolkoff said, "This contract is a natural fit for our marketplace since many of our customers and traders are already participating in this market. Net margining between the two benchmark crudes and an aggressive program to reduce other trading costs will benefit our customers, members, and the marketplace as a whole. Being offered on the New York Mercantile Exchange will enhance this market through absolute neutrality and our demonstrated liquidity and expertise in creating efficient energy markets."