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.
Nymex's latest venture outside...