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The Minister of Petroleum & Natural Gas Shri Mani Shankar Aiyar launched here today the Futures Trading in Crude Oil initiated by The Multi Commodity Exchange of India Ltd (MCX). This marks the beginning of crude oil futures contract in India for the first time. Speaking on the occasion Shri Mani Shankar Aiyar complemented the initiative and called upon the operators of the exchange to build a system of complete integrity and transparency in trading. Referring to the scope for malpractices as seen in the stock market scams of past years, Shri Aiyar emphasized importance of ethics to economics and called upon the promoters to take appropriate precautions. The surge in external aspect of pursuing energy security has opened a plethora of opportunities. As there is no fully matured Asian oil market at present, we need futures market to achieve that.
Mr. Jignesh Shah, Managing Director, MCX underlining the importance of his firm's initiative said. "The launch of Crude Oil Futures will make an important contribution towards making Indian Oil markets more transparent and efficient. At a crucial time in the crude oil market when supply is low, global demand is high, and prices are fluctuating, being able to trade, the crude oil futures contracts will complement and offer market participants increased avenues for risk management. Buyers and sellers have just gained a new resource to help them to manage their needs more securely"
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