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