Nymex changes Brent settlement basis

20 Dec 2004

New York Mercantile Exchange (Nymex) has instituted a new settlement process for Brent futures beginning 16 December. A spokesperson told FO Week the exchange has made the switch from the Platts Brent Index to one created by Energy Argus, ICIS-LOR and Reuters in order to "incorporate more viewpoints while remaining a transparent process...

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“At our current funding level, the Commission is under serious strain. We lack the staff and resources necessary to both implement Dodd-Frank and continue to fulfil our pre-Dodd-Frank duties under the Commodity Exchange Act. Without additional funding, the strain will only become worse in July, when much of Dodd-Frank goes into effect.”

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