Nymex to set up Singapore base

Nymex to set up Singapore base

SINGAPORE: The New York Mercantile Exchange (Nymex) plans to
set up a bourse in Singapore with a local partner as part of its
plan to forge closer relationships in the Asia-Pacific region,
its president said.

Robert Collins Jr. said Nymex hoped the new exchange, which
would offer crude and oil product futures contracts, would be up
and running "sometime in 2005". Futures are contracts to either
accept or deliver the actual physical commodity at a set date and
price.

Currently, dealers in Asia trade electronically using Nymex's
Access system. -- AP