The Bombay Stock Exchange (BSE) has signed a licensing agreement with Intercontinental Exchange (ICE) Futures Europe, an operator of global exchanges and clearing houses. India is one of the largest consumers and importers of crude oil in the world, and Brent crude is highly co-related with the Indian crude oil market.
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This agreement will serve the needs and interests to the Indian energy commodities space and market participants to access Rupee-dominated Brent benchmark prices. It will also help Indian commodity markets by providing convenient and cost-effective onshore hedging products and enable the price discovery of Brent crude prices in the Indian time zone.
