LONDON, Nov. 13, 2017 /PRNewswire/ -- CME Group, the
world's leading and most diverse derivatives marketplace, today
announced the launch of Black Sea Wheat FOB (Platts) and Black Sea
Corn FOB (Platts) financially settled futures contracts, to begin
trading on December 18, 2017, pending all relevant
regulatory review periods.
The financially settled contracts will each be offered with two
settlement periods, providing greater customer flexibility, whereby
12 whole-month contracts and 24 half-month futures contracts are
available to trade. The contracts will be denominated in U.S.
dollars, 50 metric tonnes in size, and available to trade as blocks
subject to a minimum of 5 contracts.
"The Black Sea region is a major player in the global wheat and
corn trade, and is expected to export over 50 million tonnes of
wheat and 25 million tonnes of corn this crop year alone," said
Tim Andriesen, Managing Director,
Agricultural Products, CME Group. "The launch of these two new
futures contracts reflects customer demand for cleared products
which track the Black Sea cash markets and allow customers to
manage price exposure to the Black Sea wheat and corn markets."
The Black Sea Wheat contract is based on the Platts Russian
Wheat 12.5% FOB Black Sea Deep Water daily price assessment and the
Black Sea Corn contract is based on the Platts Ukrainian Corn FOB
Black Sea daily price assessment.
"We are pleased that CME Group recognizes the crucial role our
independent Black Sea wheat and corn price assessments have played
over the past three years in creating price transparency, which in
turn provides opportunities for the provision of risk management
tools that bring greater efficiency to global grains markets," said
Ian Dudden, Global Content Director,
Agriculture at S&P Global Platts.
The two new futures contracts will be available for trading on
CME Globex or for submission for clearing through CME ClearPort,
and will be listed with and subject to the rules and regulation of
CBOT.
The new Black Sea Wheat and Black Sea Corn futures contracts
complement CME Group's existing suite of global wheat benchmarks,
including Australian FOB wheat, Euro-denominated EU Wheat, Soft Red
Winter Wheat, and Hard Red Winter Wheat and futures
contracts. For more information on CME Group's new Black Sea
futures contracts products, please visit:
www.cmegroup.com/blacksea.
As the world's leading and most diverse derivatives marketplace,
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risk. Through its exchanges, CME Group offers the widest
range of global benchmark products across all major asset classes,
including futures and options based on interest rates, equity
indexes, foreign exchange,energy, agricultural products and
metals. CME Group provides electronic trading globally on its
CME Globex platform. The company also offers clearing
and settlement services across asset classes for exchange-traded
and over-the-counter derivatives through CME Clearing. CME
Group's products and services ensure that businesses around the
world can effectively manage risk and achieve growth.
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