This agreement is the first step towards listing the NYMEX natural gas futures contract in Mexico.
In attendence at this morning's signing were: NYMEX Chairman Mitchell Steinhause; Guillermo Prieto Trevino, chairman of MexDer; Jorge Alegría Formoso, general director of MexDer; Arturo Sarukhan, Mexican General Consul in New York; and Gabriela Basurto from the Ministry of Finance (SHCP).
Mr. Steinhause said, " We are pleased to work with MexDer in their efforts to launch a natural gas futures contract. This agreement is consistent with our global expansion plan, and we look forward to providing risk management solutions to Mexico."
Mr. Prieto said, The price volatility of natural gas in the international markets creates an uncertain environment for the consumers. The contract signed today is of remarkable importance to the Mexican economy because it will facilitate the launch of financial instruments for Mexican consumers to hedge their risk in the same way that it is done in the international markets."
Mr. Alegría added, "Signing this agreement represents our effort to work hand-in-hand with the Mexican authorities to support to the Mexican firms facing a competitive and uncertain environment. We are very glad to offer efficient futures pricing mechanisms for natural gas, and we are certain that futures contracts will give more flexibility to our clients, allowing them to hold leveraged long and short positions."