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Intercontinental Exchange to launch new exchange in Abu Dhabi

Industry

Intercontinental Exchange has announced that it will launch a new exchange, ICE Futures Abu Dhabi (IFAD), to host the first futures contracts based on ADNOC’s Murban crude oil

The announcement for the new platform to be launched in the first half of 2020 comes after the Abu Dhabi Supreme Petroleum Council (SPC) announced that it would implement a new pricing mechanism for Murban crude.

The SPC also authorised ADNOC to remove destination restrictions on Murban crude sales. With the support of ADNOC, the Murban futures contract referenced by the SPC will be hosted on ICE Futures Abu Dhabi.

Sultan Ahmed Al Jaber, UAE minister of State and ADNOC Group CEO, said, “The recent decision by the SPC and the launch of a new exchange in Abu Dhabi by ICE marks a historic change in the way Murban crude will be priced and traded.”

“For the first time, Murban will be priced on a forward-looking, market-driven basis based on the ICE Murban future, offering the market greater transparency and certainty. The launch of ICE Futures Abu Dhabi further reinforces Abu Dhabi’s status as a global energy hub, and supports ADNOC’s continued transformation into a more modern and progressive energy company,” he added.

ICE Murban Futures will be a physically delivered contract with delivery at Fujairah in the UAE on a free on board (FOB) basis.

Contracts traded at IFAD will, subject to regulatory approval, be cleared at ICE Clear Europe, one of the leading clearinghouses, and will clear alongside ICE Brent, ICE WTI, ICE (Platts) Dubai and ICE Low Sulphur Gasoil.

“Murban futures will sit alongside the most significant global oil benchmarks, providing the opportunity for the first time for a much larger group of participants to trade and hedge Murban in a regulated, transparent and accessible venue,” said Jeffrey Sprecher, chairman and chief executive of Intercontinental Exchange.

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