First Trade Executed in gC ICE Newcastle Coal Futures
LONDON, UK - 5th December 2008
globalCOAL is pleased to announce the successful launch of gC ICE Newcastle Futures on ICE Futures Europe.
The market, inaugurated this morning at 01.00 GMT, saw its first trade registered at 12.14 GMT for 5 lots of the December 2008 futures contract, which is financially settled against the globalCOAL NEWC Index. The trade was given up to the exchange for clearing using the contingent EFS mechanism.
"This is the beginning of a new chapter for the Newcastle coal derivatives market," said Eoghan Cunningham, Chief Executive Officer of globalCOAL. "Access to a cleared alternative to Newcastle Swaps has the potential to unlock significant liquidity by providing efficiencies for firms that may be impacted by the current credit markets. Cleared contracts can also help to pave the way for new participants to trade financial coal. In 2009, globalCOAL estimates that cleared contracts could account for 25% to 40% of the overall Newcastle coal derivatives market."
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