April 10, 2008

Russia launches grain futures trading system

Russia announced the launching of the grain futures trading system on the National Mercantile Exchange (NAMEX) to reduce risks from global price fluctuations.

Agriculture minister Alexei Gordeyev said the system will regulate the Russian grain market and set price targets for its participants.

The system will use Moscow Interbank Currency Exchange (MICEX) technology.

Gordeyev said that Ukraine and Kazakhstan would also participate in the trading.

Russia has become the tenth country to trade in grain futures, Gordeyev noted.