In order to improve the effectiveness, liquidity and cost control of the spread trading between Brent crude oil and WTI crude oil, NYMEX set up a public quotation for Brent crude oil futures trading in Dublin trading hall, and traded on NYMEX ACCESS electronic system platform in the rest of the time. The public bidding time is from 10 to 7: 30 pm Dublin time, and the electronic trading time of NYMEX access system is from 8: 00 pm15 to 9:30 am Dublin time. While improving the practicability of Brent crude oil futures contracts, the Exchange has launched trading platforms of automatic quotation, price report and price difference between Brent crude oil and WTI crude oil, respectively clearing Brent crude oil and light low-sulfur crude oil of NYMEX, which is an important development of the market, because arbitrage transactions in two different markets can be completed through this platform, and it will gradually become a liquid market with transparent price, competitive trading and simple operation.
Brent crude oil futures contracts are settled in cash, with market data collected by Isilor, Argus and Reuters in Dublin as the index. Brent crude oil futures trading is cleared by the special clearing institution of the exchange, which ensures the safety of funds, among which neutrality, liquidity and market transparency have become the characteristics of NYMEX.