Brazilians Unveil Energy, Futures Exchange

Brazilian business leaders, includingEike Batista, will roll out an energy and futures exchange on April 12,Reutersreports, citingValor Economico. TheBRIXexchange will utilize the electronic platform of theIntercontinentalExchange, which already provides access to its trading system in the U.S. to Brazilian users.

Only short-term bilateral contracts will be traded in the exchange. It may expand to include long-term bilateral agreements and then multilateral deals, including those found in conventional futures exchanges.

Click here for the story fromReuters.