ld Reuters. "There are a few more hoops to jump through and we need time to work with the clearing house, clearing banks and the market to determine delivery specifics."
He said the physically-settled futures contract would be based on CIF/DES ARA, or delivered basis coal, and on globalCOAL's Standard Coal Trading Agreement (SCOTA).
Dealers have said the ICE electronic platform or the New York Mercantile Exchange are the most obvious places to trade a futures contract for coal, one of the last commodities not to have a physically-settled futures contract on an international exchange.
Already ICE carries the API2 and API4 coal swaps, which are cash settled. London-based globalCOAL operates the coal market's only screen-based physical trading platform.
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