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Market History
2002
4 February
The MICEX Exchange Council decided to extend the period of circulation of currency futures from 3 to 6 months and adopted the specifications of futures on the rate of MosIBOR-overnight and the stocks of Surgutneftegaz and Gazprom. Trading in derivative instruments on issue securities and stock indexes is expected to begin after the RF Securities Commission approves the normative documents regulating the order of clearing in the MICEX Derivatives (Standard Contracts) Market Section.
14 March
Electronic document turnover was introduced in the MICEX Derivatives (Standard Contracts) Market Section. Now, Members of the Section, participating in the MICEX document turnover system, can receive reports in electronic form.
23 May
Over the month, the turnover of exchange operations in derivative instruments on stock assets amounted 116 million rubles.
28 May
The MICEX Exchange Council adopted the Statute о the derivatives market reserve fund and discussed the main areas of development of the MICEX derivatives market. The reserve fund was formed to cover risks connected with carrying out transactions in the MICEX derivatives market. At present, its size amounts to 110 million rubles. The MICEX Exchange Council also adopted amendments to the normative documents of the MICEX Derivatives (Standard Contracts) Market Section, which provide for the possibility of paying in the deposit margin and recovering the surplus of the deposit margin of a Clearing Member of the Section in the course of the trading session. Thus, participants will be able to transfer their funds bewteen different markets of the MICEX in good time.
1 August
The MICEX Exchange Council discussed the project of creation of the exchange market of precious metals. It also set the commission for transactions in futures on Gazprom common stock. The Exchange Council supported the idea of creating the derivatives market for gold on the basis of technologies existing in the Derivatives (Standard Contracts) Market Section. It is intended to put into circulation derivative instruments on gold (first of all, futures) with the closing price corresponding to London fixing.
24 September
The MICEX widens participants' access to trading in the Derivatives (Standard Contracts) Market Section via the Internet gateway.
3 October
The MICEX took part in "Internet Investor EXPO 2002» exhibition, held in Radisson Hotel 1 — 2 October. The exhibition presented Internet-based technologies, which are used in the MICEX stock and derivatives markets and which enable investors to work on two markets at the same time.
18 October
The first trading in futures on the common stock of Gazprom was held on the MICEX.
25 October
A number of organizational and technological innovations, aimed at intensifying trading in futures, were implemented in the MICEX Derivatives (Standard Contracts) Market Section. In particular, the time of the trading session was extended by three hours (from 16:00 till 19:00 Moscow time), clearing for derivative instruments on stock assets was transferred to the MICEX Settlement House, and the technology of dynamic management of coverage was introduced.
18 November
In the framework of state purchases of grain of 2002 harvest, the first trading was organized in 7 regions at the same time with the use of the MICEX inter-regional infrastructure.
17 December
The project of exchange trading in futures on oil products in the Russian Federation was presented at the MICEX. The project was discussed by key figures of the RF Energy Ministry, the RF Antimonopoly Ministry, the State Duma Committee for lending institutions and financial markets as well as representatives of the Central Control Administration of the Fuel and Energy Complex of the RF Energy Ministry, RIA Territorial Energy Complex, the International Petroleum Exchange, financial organizations as well as Russian and foreign oil sector enterprises. As a result, the heads of the Central Control Administration, the MICEX, the National Commodity Exchange and the Central Russian Universal Exchange signed an agreement on interacting in the creation of the exchange market of oil and oil products in Russia.
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Derivatives Market
