August 2, 2018 / 3:10 AM / 12 days ago

Shanghai seeks oil market makers to drum up interest in crude contract - sources

BEIJING, Aug 2 (Reuters) - Shanghai International Energy Exchange (INE) is looking to appoint a market maker to boost trading volumes and liquidity in its nascent crude oil contract as the first contract heads for expiry later this month, two sources said.

The INE, part of the Shanghai Futures Exchange (ShFE), has approached in recent weeks at least two major brokers about finding market makers to drum up business in the less-active forward months, two sources familiar with the matter said.

The potential candidates for the role would be institutional investors, such as wealth managers and hedge funds, they said. It was not known if the exchange appointed a market maker yet. The sources declined to be identified as they are not authorised to speak to the media.

The INE was not available for comment. (Reporting by Meng Meng and Josephine Mason Editing by Eric Meijer)

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