Market Information

Trading on commodity derivatives in NAMEX Standard Contracts Section started in April 2008. The first launched instruments were deliverable wheat futures contracts.

The current quantitative indicators dynamics of NAMEX Derivatives Market make it the first successful project of deliverable commodity derivatives trade settlement in Russia. In 2008 the NAMEX Derivatives Market trading volume amounted more than 95% of the total trading volume of all deliverable commodity derivatives on Russian market, and open interest volumes exceeded 85% of the total open interest volume of deliverable commodity derivatives. In 2008 more than 16 thousand transactions were closed on NAMEX Derivatives Market with total volume of more than 80 thousand contracts (more than 5 million tons in material equivalent) and total sum of more 26 billion rubles.

The NAMEX Standard Contracts Section is a part of the MICEX Group Derivatives Market where deliverable commodity futures contracts are traded.

The following contracts are available for trading on NAMEX Derivatives Market:

• Deliverable wheat , 4, and 5-class futures contracts on EXW terms—elevator of delivery basis;
• Deliverable wheat futures contracts on FOB terms, Port of Novorossiysk.

Derivatives contracts are admitted to trading on NAMEX Derivatives Market after approval of their Specifications by the NAMEX Director. Before being examined by the NAMEX Director derivatives contracts Specifications are submitted for consideration to NAMEX Derivatives Market Section Board.

On the Commodity Derivatives Market NAMEX is the trading organization and MICEX is the clearing organization. The Section membership conditions are determined by the Membership Rules for the NAMEX Standard Contracts for Wheat, Legumes, and Industrial crops Section for grain, legumes, and industrial crops Section; trading procedures are determined by the Trading Rules of the NAMEX Standard Contracts for Wheat, Legumes, and Industrial Crops Section for grain, legumes, and industrial crops Section; the clearing conditions are regulated by the MICEX Clearing Rules for transactions settled in the NAMEX Standard Contracts for grain, legumes, and industrial crops Section.

NAMEX Standard Contracts Section Members admitted to trading execute transactions on their own behalf and at their own expense as well as at the expense and in the interest of their clients participating in trading.

Clients settle transactions through their brokers (Section Members), including the Internet access using brokerage systems allowing direct access to trading.
In order to support liquidity on NAMEX Derivatives Market official market-makers put and maintain bilateral orders for Commodity futures contracts on a regular basis during trading session.