Photo: Igor Ivanko / “Kommersant”
Moscow exchange from July 6 to launch the functionality to support the trading crude oil futures at a negative price, said in a statement on the website of the site.
Beta available from 26 may. It is noted that in the first stage the possibility of trading at negative prices will only apply to two tools derivatives market: futures on natural gas and oil of the American mark Light Sweet Crude Oil (better known as WTI).
Opportunity to trade at negative prices was discussed by the exchange’s management and the Committee on derivatives market after April 20, the estimated price of futures on WTI, which is a “mirror” for deliverable contracts traded on the new York stock exchange NYMEX for the first time fell below zero.
However, the exchange stopped trading at the level of 8.84 per barrel and has subsequently set the price expiry minus 37.63 USD per barrel. This decision led to multimillion losses of traders, many of whom bought the contracts shortly before the stop of the auction.
The total loss of the traders is estimated at one billion rubles. In early June they filed against the Moscow exchange, two collective claim for damages.
Video, photo All from Russia.