In 2006, ICE took the lead in listing the WTI Crude Oil Futures on 

its electronic platform; soon thereafter, the New York Mercantile 

Exchange (NYMEX) also listed the Brent Crude Futures for trading. 

For investors, trading the futures products of multiple exchanges 

through a single platform brings many benets: (1) The margin 

required will be signicantly lower; (2) It helps prevent the 

situation where one has to pay a large tax in one market and 

cannot obtain a corresponding tax refund in another; and (3) It 

also simplies account opening procedures and trading position 

reporting with dierent exchanges, while increasing trading and 

capital eciency.

Cross-listing of contracts agreed by two dierent exchanges 

could embody competition and cooperation in the same time. 

On one hand, by listing another exchange’s product, one may 

attract customers from another competitor exchange. On the 

other hand, a more complete and various product line on a single 

platform may draw in more potential investors. It also stands for 

mutual recognition of successful contracts originated from other 

exchanges, which may attract more diversifled investment and 

enhance market liquidity of the market overall.

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