Moscow launches Brent contract
Moscow’s international exchange, the Russian Trading System (RTS-FORTS), has today introduced a Brent crude oil futures contract, which will be denominated in US dollars.
Interest is expected to come mainly from Russian oil producers, who will now be able to hedge the variation in price between Brent and Russian Urals. Brent is currently used as a reference price for Urals oil.
The contract should open up opportunities to invest in commodities and build Russian time-zone arbitrage strategies, according to RTS-FORTS.
RTS expects the new contract to put Moscow on the map as an international financial centre and the city’s time zone position, between the Far East
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