Friday March 15 2013
News Source: Global Exchanges
Focus: General - Global Exchanges
Type: General
Country: Korean Republic
On Wednesday, Mar. 14, KRX (Korea Exchange) Chairman & CEO Bongsoo Kim and KNOC(Korea National Oil Corporation) President & CEO Moon-kyu Seo signed a Memorandum of Understanding(MOU) on mutual cooperation to promote KRX’s Electronic Petroleum Spot Market.
Last year, KRX opened an electronic trading platform for spot petroleum commodities to improve efficiency in petroleum distribution and to stabilize market prices. Trading volume of market participants – refineries, importers and gas stations etc. – has grown over 40-fold since the launch of the market to over 9 million litres per day.
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