FairX, a new Chicago-based global futures exchange geared at the retail sector, said today that Micro Crude Oil Futures would be available on October 25th, subject to US CFTC clearance (Commodity Futures Trading Commission).Based on the WTI (West Texas Intermediate) crude oil standard, the cash-settled contract will be the most cost-effective option for the retail market to trade crude oil prices.
Neal Brady, CEO of FairX, stated: “We’re delighted to expand our product offering with Micro Crude Oil Futures as we continue on our objective to give the retail sector round-the-clock, low-cost access to liquid futures markets. As we grow into this new asset class, our collaboration with Nodal Clear provides crucial risk management to our business strategy.”
“Nodal Clear is thrilled to be providing clearing services to assist the launch of FairX Micro Crude Oil Futures, allowing consumers access to this major commodity,” stated Paul Cusenza, Chairman, and CEO of Nodal Clear.In addition, the Micro Crude Oil Futures agreement, which is sized at around 100 barrels, will operate 24 hours in a day, from 6 PM to 5 PM ET, Sunday through Friday. FairX.com/oil has further information about the contracts. Visit.com/brokers for additional information on brokers who sell goods.
FairX debuted this year in partnership with a number of the industry’s major online brokerage firms, clearinghouses, and liquidity providers. The US Large Cap Index futures contracts were among the first to trade on the exchange. Both items are available in Nano and Micro contract sizes.