New York Mercantile Exchange (Nymex) will launch operations
in Russia in an attempt to gain traction in its Rebco (Russian
export blend crude oil) contract while handing Russia a larger
say in the pricing of its domestically produced crude oil.
Last October, Nymex introduced Rebco futures on Globex but
to date it hasn't registered any transactions. Robert Levin,
the exchange's senior vice president of research, said the
contract is only used for indicating bid and ask prices rather
than as a tradable hedging instrument.
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