MCX is about to launch mini crude oil contracts on its futures platform. The FMC has allowed MCX to launch crude oil mini futures contracts for next year. Once the contracts are commenced, no terms of the contracts specification should be changed without prior approval of the Commission," Forward Markets Commission (FMC) said in a latest circular. The crude oil mini futures contract with a trading unit of 10 barrel will quo teex-Mumbai price. An individual client can trade up to 4,80,000 barrels, while a member(brokerage firm) collectively for all clients can trade up to 24,00,000 barrels, as per the contract specification approved by the regulator.FMC said that the exchange should ensure that there is no unhealthy speculative trading in the market. The existing crude oil contracts have a trading unit of 100 barrels.
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