China’s Shanghai International Energy Exchange, or INE, said June 24 it would allow Iraqi crude Basrah Medium and Brazil’s Tupi for physical delivery against its existing crude futures contract, while removing Yemen’s Masila grade from the deliverable crude basket, effective immediately. The move brings to nine the number of crudes allowed to be delivered against .
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China’s Shanghai energy exchange to allow use of govt bonds as margins
China’s Shanghai International Energy Exchange (INE) is set to revise its settlement and delivery rules to enable the usage of government bonds as margins used in trade, it said on Monday, seeking public opinion on the revisions.
The exchange did not say when the revisions would be effective, but specified that the government bonds used as margins should have a total face value of at least one million yuan ($154,748), it said in a statement released on its website.
Margins are deposits paid by investors in futures markets to an exchange or clearing house to cover the risk of default by that investor.
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Reuters
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