US investment bank Morgan Stanley has become the newest Exchange and Clearing Member for the ICE Futures Abu Dhabi (IFAD) exchange on which the Murban futures contract trades. This brings the number of Exchange Members to 29 and Clearing Members to 22.
Announcing the development on 21 May, ICE says that activity on the exchange is growing. “IFAD saw record open interest of 53,515 contracts on May 18, with 48,440 of that total in the ICE Murban Crude Oil futures contract.” ICE adds that 55 firms have traded on IFAD since its 29 March launch (MEES, 2 April), and that “Average Daily Volume in Murban Crude Oil Futures is 7,210 contracts.” (CONTINUED - 174 WORDS)