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Financial & Energy Exchange chooses Argus coal indices for settlement
Singapore, 15th July 2008
Sydney based Financial & Energy Exchange (FEX) is the latest exchange to choose Argus Media’s price indices to settle their new exchange traded and over the counter coal contracts.*
Open positions in FEX coal contracts will be settled in reference to the Argus Newcastle index which is based on the price of Newcastle (Australia) loading coal. The Argus fob Newcastle price is published in Argus Coal Daily International, which provides benchmark assessments for the international coal trading community.
Brian Price, CEO FEX said “We are delighted to partner with Argus to develop our coal derivative contracts. Coal markets demand product specifications of the highest integrity. Universally, the industry and markets recognise Argus as a premium supplier of reliable, accurate and independent assessments with the highest standard of tested methodology”
Adrian Binks, Argus’ CEO said “We are very pleased with this vote of confidence by the FEX. Any exchange launching new contracts requires the highest quality settlement procedures and we are glad that FEX has chosen to use Argus prices for this purpose. We wish them the best of luck with the new contracts”.
Australian coal producers in 2008 are enjoying record price levels of US$190/t and more at Newcastle, as they help to feed growing demand in the tiger economies of China and India. Argus also produces successful benchmarks for other Asian coal markets, such as Indonesia, which are used in contracts and as a price reference for electricity generators.
About Argus
Argus Media is a leading provider of price assessments, business intelligence and market data on the global electricity, oil, gas, coal, emissions and transportation industries. It is headquartered in London, and has offices in Houston, Washington, Los Angeles, Dubai, Singapore, Tokyo, Beijing, Moscow, Kazakhstan and other key centres of the energy industry. Argus was founded in 1970 and is a privately held UK-registered company.
Learn more at www.argusmediagroup.com
For more information contact:
Jason Feer, General Manager Asian Pacific,
Argus Media, Singapore
Email: Jason.feer@argusmediagroup.com
Tel: +65 6496 9966
About FEX
The Financial & Energy Exchange (FEX) is an international market services provider. Based in Sydney, but focused on Asia, FEX provides responsive and flexible exchange and over the counter platforms and infrastructure for energy, commodity, environmental and financial products through. www.fex.com.au
For more information contact:
Dimitri Burshtein,Group Executive – Corporate Development
Financial & Energy Exchange Limited, Australia
Email: d.burshtein@fex.com.au
Tel: 61 2 9251 4565
*Subject to regulatory approval.
FEX Group News
- January 2009 Opening of FEX Market Site The FEX Market Site will be the physical presence of the Financial and Energy Exchange and will also be the broadcast facility for CNBC’s Australian segments broadcasting live daily.
- 7 November 2008 Opening of FEX Environmental OTC Market In conjunction with FEX’s environmental product development partner enVex, the FEX Mercari Environmental ECN opened in November 2008. The first completed trade was for a AU$230,000 parcel of Australian Renewable Energy Certificates (RECs).
- 9 September 2008 RTS to offer access to Financial & Energy Exchange (FEX) RTS Realtime Systems Group, a leading trading solutions provider, announced today that it has committed to provide connectivity to the Financial & Energy Exchange (FEX).
- 15 July 2008 Financial & Energy Exchange chooses Argus coal indices for settlement Sydney based Financial & Energy Exchange (FEX) is the latest exchange to choose Argus Media’s price indices to settle over-the-counter coal contracts.
- 1 July 2008 Climate Exchange plc Acquires 25% stake in enVex In a move that is expected to accelerate the development of global carbon emissions trading, Climate Exchange plc, operator of the world’s largest carbon emissions marketplaces, has today acquired a 25% stake in enVex.
- 21 May 2008 Joint venture with Macquarie Capital Group – forms enVex Climate Change Products enters into a services agreement with the Financial & Energy Exchange (FEX) to manage product development and marketing for FEX markets.
- 8 January 2008 Acquires 100% of Mercari Mercari Direct had developed preparatory technology which is a patented secure interactive trading system for OTC products will become the platform for the Financial and Energy Exchange (FEX) new OTC products.
- 17 November 2007 Signs agreement with Clearing Corp The Clearing Corporation (CCorp), is the world’s only independent derivatives clearinghouse, has entered into an agreement to provide clearing and settlement services for derivative products traded on the new Financial and Energy Exchange of Australia (FEX).
- 11 May 2007 Signs agreement with OMX The Financial and Energy Exchange (FEX) will utilize OMX technology, the premium matching engine technology supplier to world exchanges, for its futures market trading engine.