CME Group has launched clearing services for a new Mont Belvieu ethylene futures contract, CME Group reports. The contract is scheduled to launch on June 14 for trade date June 15.

It will be listed for up to 24 consecutive months beginning with the July 2009 contract and will be settled against the PetroChem Wire. The contract will enable a part of the petrochemical market to hedge its risk with this new, physically settled contract.

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