CME Group, the world's largest and most diverse derivatives exchange, today announced that it will launch a Russian Export Blend Crude Oil (REBCO) financial futures contract, on the CME Globex(R) electronic trading platform and the ClearPort(R) electronic clearing and trading platform, beginning November 23 for trade date November 24.
The contract (commodity code: R2) will be financially settled based on Argus Media's Urals FOB Primorsk assessment. It will be listed for up to 48 consecutive months, beginning with the January 2009 contract.