July 15, 2008
Financial & Energy Exchange Chooses Argus Coal Indices for Settlement
SYDNEY, Australia, July 14 /PRNewswire/ -- Sydney based Financial & Energy Exchange (FEX) is the latest exchange to choose Argus Media's price indices to settle traded and over-the-counter coal contracts(1).
Open positions in FEX coal contracts will be settled in reference to the Argus Newcastle index, which is based on the price of coal loading at the Australian port. The Argus fob Newcastle price is published in Argus Coal Daily International, which provides benchmark assessments for the international coal trading community."We are delighted to partner Argus in developing our coal derivative contracts," FEX chief executive Brian Price said. "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."
Argus Media chief executive Adrian Binks added: "We are very pleased with this vote of confidence from 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. We wish them the best of luck with the new contracts."
Australian coal producers are enjoying record price levels of more than US$190/t this year at Newcastle, as they feed growing demand in 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.
Argus Media is a leading provider of price assessments, business intelligence and market data on the global oil, gas, electricity, coal, emissions and transportation industries. It is headquartered in London, with offices in Astana, Kiev, Houston, New York, Washington, Los Angeles, Dubai, Singapore, Tokyo, Beijing, Moscow and other key centres of the energy industry. Founded in 1970, it is a privately held UK-registered company. http://www.argusmediagroup.com/
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. http://www.fex.com.au/
For further information contact Jason Feer, general manager Asian Pacific, Argus Media, Singapore Email: [email protected] Tel: +65 6496 9966 Dimitri Burshtein, group executive - corporate development Financial & Energy Exchange Limited, Australia Email: [email protected] Tel: 61 2 9251 4565 (1) Subject to regulatory approval.
CONTACT: Jason Feer, general manager Asian Pacific, Singapore of ArgusMedia, +65 6496 9966, [email protected]; or Dimitri Burshtein,group executive - corporate development of Financial & Energy ExchangeLimited, Australia, 61 2 9251 4565, [email protected]
Web site: http://www.argusmediagroup.com/http://www.fex.com.au/