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Foreign Exchange

FX news: Wocu – another step forward

WDX Organisation, creators of the world currency unit or funkily monikered Wocu, has announced the signing of a non-exclusive agreement with the Warsaw-based Polish Futures Market (PRT), a wholly owned subsidiary of the Warsaw Commodities Exchange (WGT).

The agreement provides for the listing of Wocu futures and options by the PRT. The products are expected to enable financial market participants to utilise the Wocu and its “unique currency balancing characteristics.” In addition, use of the Wocu is expected to complement the PRT listings of other financial and commodity instruments.

Whether or not that means that grain futures will be priced in Wocu was not made clear. The WGT is one of the largest exchange-based spot commodity markets in Europe, largely due to the Polish and Ukrainian grain markets (think vodka).

The agreement is still subject to ratification by the Polish regulator but the fact that the WGT/PRT and WDX are willing to go public suggests there will be little problem.

A spokesman for WDX suggested that the launch of a USD/Wocu index would be launched this quarter and then futures and options on that index in the first quarter of 2011.

The Polish news is another step forward for the Wocu.

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