Financial & Energy Exchange Chooses Argus Coal Indices for Settlement

SYDNEY, Australia, July 14 /PRNewswire/ -- Sydney based Financial & Energy Exchange (FEX) is the latest exchange to choose Argus Media's price indices to settle traded and over-the-counter coal contracts(1).

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.

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

Argus Media chief executive Adrian Binks added: "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."

Australian coal producers are enjoying record price levels of more than US$190/t this year at Newcastle, as they feed growing demand in China and India. 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.

About Argus

Argus Media is a leading provider of price assessments, business intelligence and market data on the global oil, gas, electricity, coal, emissions and transportation industries. It is headquartered in London, with offices in Astana, Kiev, Houston, New York, Washington, Los Angeles, Dubai, Singapore, Tokyo, Beijing, Moscow and other key centres of the energy industry. Founded in 1970, it is a privately held UK-registered company. http://www.argusmediagroup.com/

About FEX

The Financial & Energy Exchange (FEX) is an international market services provider. Based in Sydney, but focused on Asia, FEX provides responsive and flexible exchange and over-the-counter platforms and infrastructure for energy, commodity, environmental and financial products. http://www.fex.com.au/

   For further information contact
   Jason Feer, general manager Asian Pacific, Argus Media, Singapore
   Email: Jason.feer@argusmediagroup.com
   Tel: +65 6496 9966


   Dimitri Burshtein, group executive - corporate development
   Financial & Energy Exchange Limited, Australia
   Email: d.burshtein@fex.com.au
   Tel: 61 2 9251 4565

  (1) Subject to regulatory approval.

CONTACT: Jason Feer, general manager Asian Pacific, Singapore of Argus Media, +65 6496 9966, Jason.feer@argusmediagroup.com; or Dimitri Burshtein, group executive - corporate development of Financial & Energy Exchange Limited, Australia, 61 2 9251 4565, d.burshtein@fex.com.au

Web site: http://www.argusmediagroup.com/ http://www.fex.com.au/

COPYRIGHT 2008 PR Newswire Association LLC
COPYRIGHT 2008 Gale, Cengage Learning