Russian NefteBid Opens for Business, Invites Registration

NefteBid has opened its first Internet exchange for business, and is now inviting registration applications through its site www.neftebid.com. Users of the platform will be required to sign a membership agreement before they can begin trading, and will be entitled to receive equity in the exchange for supplying liquidity. NefteBid expects live trading to commence in the near future. NefteBid will enable electronic dealing in Russian refined products exported through Baltic Sea ports, and will be one of the first exchanges of its kind in the world. Traders will be able to see the whole market at a glance, and will be able to negotiate bids and offers in real time, helping to increase liquidity and transparency.