The Australian Securities Exchange (ASX) has been given the green light to launch its thermal coal futures and options contracts on 07 July 2009.
The ASX intended to list its thermal coal futures and options on 21 April; however, on-going regulatory processes and operating rules postponed the date until further notice.
ASX general manager for emerging markets Anthony Collins told MINING DAILY the coal futures and options will provide a mechanism for market participants to manage their exposure to price and counter-party risks.
“It will provide a robust price signal for firms with exposure to sea-borne thermal coal in the Asia Pacific and additional tools to complement the growth of the OTC market,” he said.
According to the ASX, the contract will provide firms with tools to manage their price and trading costs and underpin the robustness and sustainability of ASX’s thermal coal product offering.
The coal futures, based on high-quality thermal coal typically sold to Asian markets, will have contract units of 1,000t each and be exported from the port of Newcastle in NSW.