25th Nov 2020 11:45
(Alliance News) - Euromoney Institutional Investor PLC on Wednesday said its price reporting agency Fastmarkets has won a contract with US futures exchanges operator CME Group.
Shares in the FTSE 250 business information and events provider were up 0.1% at 1,008.78 pence on Wednesday in London.
Under the deal, Fastmarkets will be the price reporting agency for the Chicago-based exchange's new cash-settled cobalt futures contract, which will launch on December 14.
The new contract will be listed on and under the rules of the designation contract market COMEX, and settled against the benchmark daily standard-grade cobalt price assessed by Fastmarkets.
"Cobalt is a prime candidate for risk management. It is central to the emerging new energy economy but susceptible to price swings as different battery chemical strategies unfold. Given the expected dynamism, market participants require a price that is transparent, auditable and reflective of market events. Fastmarkets' standard-grade price assessment meets all those requirements, giving a powerful tool to help market participants manage risk along the entire cobalt supply chain," said Fastmarkets Chief Executive Raju Daswani.
By Dayo Laniyan; [email protected]
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