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.
Add to blog
You may place this material on your blog by copying the link.
Image Galleries: The Pearl of Russia's Far East
Infographics: Nobel Peace Prize
Vladimir Putin Meets with Members of the Valdai International Discussion Club. Transcript of the Final Plenary Session
Vladimir Putin took part in the final plenary session of the Valdai International Discussion Club’s 11th meeting. The plenary session summed up the club’s work over the previous three days, which concentrated on analysing the factors eroding the current system of institutions and norms of international law.