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.

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