The contracts, which will effectively become Hametz (leavened bread) were sold temporarily to the owner of the Abu Shukri Hummus restaurant in Abu Ghosh.
Online brokerage Finexo has cleaned house ahead of the Passover holiday, with the sale of all its wheat futures contracts that due are to expire during the festival. On the maturity date of a futures contract, the underlying commodity in theory must be delivered or received - although most contracts are settled in cash. To avoid any problems with owning Hametz (leavened bread), all the contrats were sold temporarily in an official ceremony last week to the non-Jewish owner of the Abu Shukri Hummus restaurant in Abu Ghosh.
The agreement which was signed by dealing room manager Gadi Regev transferred the contracts to the Abu Shukri owner who paid the token sum of NIS 100 for ownership of them during the Passover holiday. They will be sold back to Finexo after Passover.
Published by Globes [online], Israel business news - www.globes-online.com - on April 13, 2008
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