The Petersburg Exchange held the first meeting of the Cement Indices Expert Council. The council includes manufacturers, traders, industry experts and professional associations, as well as representatives of regulators — federal executive authorities and the Bank of Russia.
During the meeting, members discussed the features of cement exchange trading and the registration of OTC contracts in the context of using this information for index calculation.
"The Petersburg Exchange has formed a substantial body of price information on contracts actually concluded, information on which is provided under Government Resolution No. 892. To date, registrations total about 3 million tonnes per month. The required conditions for index calculation — two sellers and three buyers — are fulfilled in most federal districts of Russia" said Andrey Vondruhov, the Managing Director of the Exchange.
He also added that by now 17 cement manufacturers register OTC contracts on the Exchange, with the total volume of such contracts at 17.8 million tonnes. Source Source Source