Mauritius' exchange launches oil futures

Mauritius' commodities and currency exchange will launch its own version of cash-settled futures on U.S. light crude oil on September 8, the exchange said on Tuesday.

The Global Board of Trade (GBOT), as the exchange is known, said the contract will serve as an efficient risk mitigation tool for companies dealing in oil and oil derivatives.

"It will enable them to safeguard against the ever fluctuating crude oil prices," GBOT said in a statement.

It said in addition to being suitable for large oil corporations, the contract size of 250 barrels would be well-suited for small and medium organisations.

GBOT said it will begin with near and middle month expiry futures contracts and might introduce other maturities subsequently.

GBOT is the first international multi-asset class exchange from the Indian Ocean island that offers a basket of commodity and currency derivative products, including metals, energy, agri-soft and currency pairs