November 20, 2008

FEX chooses Argus Coal indices

Sydney based Financial & Energy Exchange has announced that the company is the latest exchange to choose Argus Media's price indices to settle traded and over the counter coal contracts.

According to the release, open positions in FEX coal contracts will be settled in reference to the Argus Newcastle index, which is based on the price of coal loading at the Australian port.

The Argus FOB Newcastle price is published in Argus Coal Daily International which provides benchmark assessments for the international coal trading community. Argus also produces successful benchmarks for other Asian coal markets, such as Indonesia, which are used in contracts and as a price reference for electricity generators.

Mr Brian Price CEO of FEX said "We are delighted to partner Argus in developing our coal derivative contracts. Coal markets demand product specifications of the highest integrity. Universally, the industry and markets recognize Argus as a premium supplier of reliable, accurate and independent assessments with the highest standard of tested methodology."

Mr Adrian Binks CEO of Argus Media said "We are very pleased with this vote of confidence from the FEX. Any exchange launching new contracts requires the highest quality settlement procedures and we are glad that FEX has chosen to use Argus prices. We wish them the best of luck with the new contracts."