NEW FUTURES CONTRACT IN BRAZIL

摘要

A new cotton futures contract was launched at the Commodities and Futures Exchange (Bolsa de Mercadorias & Futuros-BM&F) in Sao Paulo, Brazil, on November 22, 1996 The history of the BM&F goes back to 1917 and includes trading in futures, options, cash and spot contracts in a number of agricultural commodities, interest and exchange rates, metals, stock and macroeconomic indexes. As far as cotton is concerned, prior to 1996 the BM&F serviced mostly the needs of the spot and forward cotton trade in aphysical commodity, The Exchange has provided services in cotton grading since 1922 and is the official cotton grading agency of the state of Sao Paulo.