Oil futures trade to aid in market pricing
Print Edition
THE approval given for crude oil futures to be traded in Shanghai’s pilot free trade zone will help develop a market-based price mechanism for crude oil, China’s securities regulator said yesterday.
“The trading of crude oil futures will be conductive to improving China’s petroleum market system and developing a market-oriented price mechanism for crude oil,” Deng Ge, a spokesman for the China Securities Regulatory Commission, said yesterday.
The CSRC’s nod signaled crude oil futures could be launched soon.
The CSRC said the Shanghai International Energy Exchange, launched last November by the Shanghai Futures Exchange, would install an international trading and settlement system for crude oil futures trading to draw domestic and international investors. The CSRC said it would unveil related policies and rules to trade the futures at an appropriate time.
It will be the first time for foreign investors to trade in crude oil futures in China as the world’s fourth largest producer of petroleum seeks to raise its voice in global pricing.
A new gold exchange, set up in September in the zone, had 82.65 tons of gold worth 19.67 billion yuan (US$3.2 billion) traded as of December 9.
Shanghai plans to set up eight international trading platforms in the zone by 2015.
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