MOSCOW, June 8 (RIA Novosti) - The Russian Trading System, the country's premier stock market, starts Thursday trading in ruble-settled contracts for gold, oil and oil products, the RTS said.
"Russia's first trading in contracts for gold, crude, and oil products will start beginning June 8," the RTS said.
President Vladimir Putin said in his May 10 state of the nation address that Russia, as a leading oil exporting nation, should establish its own oil exchange to trade crude and petroleum products for rubles.
One-month contracts will be traded within the existing futures and options segment of the RTS,
FORTS (Futures&Options). Contacts with monthly settlements this year and until June 2007 will start trading simultaneously. The minimal margin is set at 10% for oil and oil products, and 5% for gold.
The RTS said it would collect a 1-ruble commission for each concluded contract.
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The current contract portfolio of Russian arms exporters is worth about $46 billion. Annual exports total $15 billion, and this will ensure uninterrupted deliveries for the next three years, even in the worst-case scenario. The list of the main buyers of Russian weapons is unlikely to change drastically.