On June 14, ROFEX launched the trading of oil futures contracts in a ceremony headed by Luis B. Ossola, the Market’s president, in the Amerian Buenos Aires Park Hotel. Alejandro Vanoli, president of the National Securities Commission (CNV), attended the event together with the economist Miguel Kiguel and ROFEX´s general manager, Diego Fernández, who made presentations.
With the aim of providing investors with a product of great liquidity in the international market, ROFEX is the first derivatives market in the country to offer a crude oil futures contract. Its first trade was carried out in the launching event, through the new e-trader II trading platform.
Like gold futures contract, launched by ROFEX last November, the oil futures contract has no physical delivery of the product and is settled by delivering or receiving, as the case may be, cash that covers the difference between the original price and the final settlement price. The contract size is 10 barrels and it is quoted in dollars.
This new tool enables ROFEX to offer, among other benefits, the possibility of price coverage for domestic financial assets related to oil; the option of leverage before the product’s price expectations; and the investment in oil through a financial asset traded, cleared and settled in the local market, a possibility that up to this moment could not be found in Argentina.
With this launching, ROFEX completes the varied package of products it offers to its brokers through trading in its Financial Derivatives Division.