FINEX again postpones Singapore dollar futures

FINEX again postpones Singapore dollar futures

NEW YORK (Reuter): FINEX, the financial products division of the New York Cotton Exchange (NYCE), again postponed the launch of the a futures contract on the Singapore dollar Friday, but successfully launched futures contracts on three other Asian currencies, an exchange official said.

"We successfully launched the contracts on the Malaysian ringgit, the Indonesian rupiah and the Thai baht today, but we had to postpone the start of the Singapore dollar contract," exchange research and product development officer, June Furlan, told Reuters.

"We are still in discussions with the MAS (Monetary Authority of Singapore) on the Singapore dollar contract and we don't have a new launch date yet, but we are hoping it will be in September," she said.

Earlier the MAS and the Indonesian central bank both expressed concerns about the launch of the new currency futures contracts by FINEX.

As a result FINEX postponed the launch of the new financial derivative products from June 26 to July 11.

The currency pairs being traded under the new contracts are: the U.S. dollar/Malaysian ringgit, U.S. dollar/Indonesian rupiah, U.S. dollar/Thai baht and U.S. dollar/Singapore dollar.