Press Release
globalCOAL® and ICE Futures EuropeTM finalise gC ICE Newcastle Futures Contract Specifications
LONDON, UK - 25 June 2008
globalCOAL® is pleased to announce that the final specifications of the globalCOAL ICE NewcastleTM Futures contract have been agreed by ICE Futures EuropeTM. The contract is scheduled to be introduced on the ICE and will complement the API#2 and API#4 contracts currently offered on the platform.
"gC ICE NewcastleTM Futures are set to fill a significant gap in the coverage of cleared financial instruments for the international coal market," said Eoghan Cunningham, CEO of globalCOAL. "The new contract will provide a welcome opportunity for established players to reduce their credit risk exposure - a necessity in the current credit environment - but also attract new liquidity to the coal market. There is tremendous interest from investment banks, hedge funds and other institutional investors to gain access to coal price performance," he added.
The globalCOAL ICE Newcastle Futures contract will financially settle on the globalCOAL NEWC Index® - the leading price benchmark for seaborne thermal coal in the Asia-Pacific region. The contract will be traded directly on the ICE platform, as well as through the contingent Exchange of Futures for Swaps (contingent EFS) mechanism. One lot will equal 1,000 tonnes of coal, and the contract will be traded in clips of 5 lots.
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