ABU DHABI — Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, today provided an update on its plans to launch ICE Futures Abu Dhabi, IFAD, and the world’s first futures contracts based on Murban crude oil.
Subject to the completion of regulatory approvals, ICE plans to launch IFAD and trading in Murban futures contracts late in the first quarter of 2021. A more specific date for the launch of trading will be announced in due course.
In November 2019, ICE announced its plans to launch IFAD, with the Abu Dhabi National Oil Company and nine of the world’s largest energy traders partnering with ICE on the launch.
ICE Murban Futures will be a physically delivered contract with delivery at Fujairah in the UAE on a free on board, FOB, basis. ICE Murban Futures will be complemented with a range of cash-settled derivatives which IFAD plan to launch for day one of trading.
Contracts traded at IFAD will be cleared at ICE Clear Europe, a leading energy clearinghouse, and will clear alongside the most significant global oil benchmarks – ICE Brent, ICE WTI, ICE (Platts) Dubai and ICE Low Sulphur Gasoil – allowing customers to benefit from associated margin offsets and delivering meaningful capital efficiencies.
WAM/Tariq alfaham/MOHD AAMIR