Baker & McKenzie Advises CME Group in connection with Launch of Black Sea Wheat Futures
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6 July 2012
Kyiv, Ukraine, 6 July 2012 - Baker & McKenzie, the leading global law firm, announced it has acted as Ukrainian law counsel to CME Group*, the world's leading and most diverse derivatives marketplace, in connection with the launch by CME Group of the futures contract based on the Black Sea wheat (BSW). BSW futures was listed on the Chicago Board of Trade and trading commenced on the CME Globex®, electronic trading platform, on 6 June 2012. The launch of BSW futures followed the signing of the Memorandum of Understanding between the Government of Ukraine and CME Group in May 2011.
CME Group was advised in Kyiv by Managing Partner Serhiy Chorny and Senior Associate Andriy Nikiforov.
"BSW futures is the first hedging tool to offer regional market participants effective price discovery and risk management. We firmly believe this contract will not only establish an effective forward market for regional wheat prices, but has the potential to develop into a true regional benchmark pricing tool for wheat," commented Tim Andriesen, Managing Director, Agricultural Commodities and Alternative Investments, CME Group.
"We want to express our appreciation for all the hard work that Baker & McKenzie has put into this project with us. Their professionalism and tact during this project were invaluable," said Timothy Smith, Managing Director & Associate General Counsel, CME Group.
* CME Group is a trademark of CME Group Inc. Globex is a trademark of Chicago Mercantile Exchange Inc. Chicago Board of Trade is a trademark of the Board of Trade of the City of Chicago, Inc. All other trademarks are the property of their respective owners.