The NAMEX to expand the list of traded deliverable futures
May 31, 2010
The National Mercantile Exchange (NAMEX), a member of the MICEX Group, is preparing to launch new deliverable futures on rice and rice cereal in the Southern Federal District.
The project is supported by the Rice Farmers of Kuban Association and the Administration of Krasnodar Territory. The launch of trading in the new futures contracts is scheduled for the 3rd quarter of 2010.
Brief information:
The NAMEX organizes trading in 2 types of deliverable futures contracts: the futures contract for wheat of the 3rd, 4th and 5th classes (contract volume: 65 tons) with delivery on EXW terms – grain elevators of the Southern Federal District of Russia and the futures contract for export wheat (contract volume: 60 tons) with delivery on FOB terms – the port of Novorossiysk. 47 grain elevators are accredited on the NAMEX to ensure delivery on EXW terms, the Southern Federal District.
Since 2002, the NAMEX has participated in state commodity and purchase interventions in the grain market and is the authorized exchange of the RF Ministry of Agriculture.
The National Mercantile Exchange was established in July 2002 with the aim of organizing an on-exchange commodity market. Shareholders in the NAMEX are: the Russian Grain Union, the Association of Sugar Producers of Russia, APK OGO, Razguliay Grain Company, the Moscow Interbank Currency Exchange and other organizations. The NAMEX holds the License to organize on-exchange trading in different commodity sections and in the standard contracts section, issued by the RF Federal Service for Financial Markets.
The MICEX Group is an integrated exchange that provides services related to electronic trading, clearing, settlements as well as depository and information services. The Group is comprised of the MICEX, the MICEX Stock Exchange, the National Mercantile Exchange, the MICEX Settlement House, the National Depository Centre, commercial bank National Clearing Centre, regional exchange and settlement centers and other organizations serving participants in the on-exchange market from Moscow and other large financial and industrial centers of Russia. At present, the MICEX Group is the largest exchange in Russia, the CIS, Central and Eastern Europe.