Trading in deliverable futures on common shares in LUKoil and Norilsk Nickel will be launched in the MICEX Group’s derivatives market as of October 1, 2009.
Futures on common shares in Gazprom and Sberbank are already traded in the market.
Specifications of deliverable futures on common shares of in LUKoil and Norilsk Nickel were approved by the Board of the MICEX SE on 3 February, 2009, and registered by the RF Federal Financial Markets Service on 13 March, 2009.
The futures are executed by physical delivery on depot accounts with the National Depository Centre (NDC).
The indicators of market makers’ commitments for new futures have been adopted to stimulate initial demand for stock futures. Also, the indicators of market makers’ obligations for futures on common shares in Gazprom and Sberbank have been adjusted. Currently, a marketing period for stock futures in respect of exchange and clearing fees as well as charges for IT services is in force. The total commission (including VAT) for transactions in deliverable stock futures is 0.04 RUB/1 contract.
Expanding the range of instruments traded in the MICEX Group’s derivatives market, primarily as regards stock derivatives, is an important measure that helps to increase the number of participants in trading and improve market liquidity. Other measures include the use of market makers for all major traded instruments and the launch of a new system of risk management in the MICEX derivatives market on April 13, 2009, which has already resulted in an increase in trading volumes and the number of transactions in derivatives on the MICEX.
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