(Yicai Global) Feb. 27 -- China, the world's largest crude oil importer, plans to debut its long-delayed futures contract for the commodity on the Shanghai International Energy Exchange next month.

Futures brokerages are well prepared after the long run-up, Shanghai Securities News reported. They have set up platforms for foreign traders to invest and are now fully ready for them. Overseas participants will be permitted to trade because the Shanghai International Energy Exchange, or INE, is registered in the Shanghai Free Trade Zone.

"In the ensuing months, these firms will refine their specialized services for crude oil futures for the whole process of trading, settlement, currency exchange and delivery," the report quoted Zhu Mingyuan, deputy general manager of Shanghai-based CCB Futures Co.'s commodities division, as saying.

Crude oil is one of the world's most actively traded commodities. China's yuan-denominated futures contract will compete with overseas benchmarks US West Texas Intermediate (WTI) and London's Brent. Last week, the China Securities Regulatory Commission set the contact's start date at March 26.

The INE, a subsidiary of the Shanghai Futures Exchange, has approved 147 brokerages and designated a number of banks to manage overseas security deposits. They are Bank of China, Bank of Communications, China Merchants Bank, DBS Bank, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China and China CITIC Bank.

To expand its overseas market, SDIC CGOG Future Co. has opened dollar non-resident accounts with Bank of China, Bank of Communications, China Merchants Bank and DBS Bank. Everything is now in order and awaiting the crude oil futures going to market, according to Li Yaxi, general manager of the firm's international division.

China Xin Yongan Futures Co. plans to set up a futures company in Singapore and step up its efforts to establish an overseas institution to promote China's international futures, said Managing Director Wang Zhongwei.