BSE signs licensing agreement with ICE Futures Europe
Mumbai: January 27, 2020: BSE, India’s leading exchange, has signed a licensing agreement with Intercontinental Exchange, Inc (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, for the use of the ICE Brent Index as the final settlement price for BSE’s Rupee-denominated Brent futures contract.
India is one of the largest consumers and importers of crude oil in the world, and Brent crude is highly co-related with the Indian crude oil basket. This licensing agreement will help Indian market participants access Rupee-denominated Brent benchmark prices and deepen the Indian commodity markets by providing convenient and cost-effective onshore hedging products. It will also enable the price discovery of Brent crude prices in the Indian time zone based on domestic fundamentals.
Speaking on the occasion Shri. Ashishkumar Chauhan, MD & CEO, BSE, said “BSE welcomes the collaboration with ICE. We look forward to a long-lasting relationship to further deepen our commodity markets.”
BSE is dedicated to deepening the Indian commodity markets by providing traders, investors and all market participants convenient and cost-effective onshore hedging products. Oil producers, refiners, users and investors in India can benefit from access to Brent crude prices. This agreement with ICE marks a new milestone and will go a long way in serving the needs and interests of the Indian energy commodities space.
BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is India’s leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualised entity, with a broad shareholder base that includes the leading global exchange- Deutsche Bourse, as a strategic partner. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, commodity derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.
BSE also has a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful. BSE also has a dedicated MF distribution platform BSE StAR MF which is India Largest Mutual Funds Distribution Infrastructure. On October 1, 2018, BSE launched commodity derivatives trading in Gold, Silver, Copper, Oman Crude Oil Guar Gum, Guar Seeds & Turmeric.
BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE’s systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments.
Indian Clearing Corporation Limited, a wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on the BSE trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed. BSE Institute Ltd, another fully owned subsidiary of BSE runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), associate company of BSE, is one of the two Depositories in India.
BSE has set up an Investor Protection Fund (IPF) on July 10, 1986 to meet the claims of investors against defaulter Members, in accordance with the Guidelines issued by the Ministry of Finance, Government of India. BSE Investor Protection Fund is responsible for creating Capital markets related awareness among the investor community in India.
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