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Shanghai exchange to hold practice session for crude oil futures

[BEIJING] The Shanghai International Energy Exchange (INE), which has been tasked with setting up China's long-awaited crude oil futures contract, said on Tuesday it would hold a practice session this weekend to ensure a steady launch.

The trading simulation exercises, to be held on Dec 9-10, will use real customer data, according to a statement posted on INE's website, which called for members to back up their data in advance and submit feedback on the drills to the exchange.

China, the world's second-biggest oil consumer, has long sought to set up a crude futures contract to exert more influence on global oil pricing.

The INE has held mock trading sessions in the past but has missed a series of targets to launch the contract.

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In May, INE's parent, the Shanghai Futures Exchange (ShFE), said it planned to start the crude oil futures contract this year.

The ShFE, whose futures contracts do not trade at the weekend, said in a separate statement on Tuesday that it would carry out joint drills with the INE on Dec 9-10.

REUTERS