The first oil deal was denominated in rubles (1751 rubles) based on prices calculated by the Platts agency and covered 10 barrels. The settlement period for the contract is one month and the security guarantee on the contract is 10% of its overall value. RTS collects a 1-ruble commission for each concluded contract.
"Crude contracts will safeguard producers and consumers against unfavorable price situations and guarantee business efficiency and stability," an RTS spokesman said. "Market players will also get a new investment derivative."
The derivatives section of the RTS, known by its Russian acronym Forts, has also launched trade in futures on gold in rubles based on the London Stock Exchange evening fixing rate. The first deal for July and September was worth $626.5 per ounce. The settlement period for a contract is one month and the minimum security guarantee on any contract is 5% of its overall value.
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