Singapore Mercantile Exchange (SMX) has finally announced the launch date of the world’s first global Black Pepper Futures contract, following many months of delays.
The contract was first announced in September 2010, one month after the launch of SMX, with the initial go-live scheduled for the third quarter of 2011. It will now be available for trading from 10 February.
SMX’s first CEO Thomas McMahon resigned only six months after launch, with a rumoured disagreement between the exchange’s owner over the settlement of the new contract believed to have been one of the triggers to his departure.
It is believed that McMahon wanted the contract to resemble Indian pepper futures...