The Chicago Board of Trade (CBOT) announced that the Exchange will launch its CBOT Ethanol futures contract today at 10 a.m. Central Time. Further, the Exchange has selected Noble Americas Corp. as a market maker to provide continuous two-sided markets in the new contract.
Representatives from General Motors will join the Chicago Board of Trade to mark the launch of the CBOT's new Ethanol futures contract. Following the bell ringing ceremony, GM officials will present the Illinois Corn Growers Association with an E85 flexible fuel vehicle which can use a blend of 85% ethanol and 15% gasoline.
CBOT President and CEO Bernard W. Dan says, "The Exchange has worked extensively with the ethanol industry to develop this new contract, and this collaborative effort with producers and refiners was critical to designing an effective vehicle for both price discovery and the management of price volatility within the domestic ethanol market. In addition, we welcome Noble Americasâ€™ commitment as a market maker and believe that Noble will enhance liquidity in CBOT ethanol futures."
Noble Americas Vice President of Clean and Specialty Products William Covey says, "We are pleased to be designated a market maker by the CBOT for its Ethanol futures contract, as Noble Americas continues to seek new opportunities to meet the needs of the ethanol industry. Our firm looks forward to working with the Exchange on providing a transparent, central marketplace to the ethanol community."