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Market Profile

The MICEX Group Futures Market is a unified market of derivative financial instruments organized in the framework of the MICEX Group and is one of the leading organized derivative financial instrument markets in Russia.

In accordance with current legislation, the requirements of regulating authorities, and special business features, the MICEX Group Futures Market is divided into 3 main segments:

  • Derivative instruments market for securities and stock indices (stock derivatives market), part of the MICEX Stock Exchange CJSC (MICEX SE);
  • Derivative instruments market for other financial assets, part of the MICEX CJSC Futures Market (Standard Contracts) Section;
  • Derivative instruments market for mercantile assets, part of the National Mercantile Exchange CJSC (NME CJSC).

The MICEX CJSC Futures Market Section circulates:

  • Settlement futures contracts for foreign currency rates: for US dollars, euro, and euro to US dollar rate;
  • Settlement futures contracts for short-term interest rates: for MosIBOR accumulated 1—day interest rates and MosPrime Rate 3-day interest rates;
  • Settlement futures contracts for the accumulated price of 1—day LCDA (Limited Counter Deliveries Agreement) USD_TODTOM transactions are planned to be introduced.

The MICEX SE Futures Market circulates:

  • Settlement futures for the MICEX Index;
  • Delivery futures for ordinary shares of Gazprom OJSC and Sberegatelny Bank RF OJSC;
  • Delivery futures for ordinary shares of Lukoil NK OJSC, delivery futures for ordinary shares of Norilskiy Nikel GMK OJSC, Vneshtorgbank OJSC and Rosneft NK OJSC are planned to be introduced;
  • Delivery futures contracts for long- and middle-term federal bonds are planned to be introduced.

The NME CJSC Futures Market circulates:

  • Delivery futures contracts for Class 3, 4 and 5 wheat under EXW — delivery region elevator conditions;
  • Delivery futures contracts for wheat under FOB Port of Novorossiysk conditions.

Trading in the MICEX Futures Market is held every working day for futures instruments with all performance terms. The trading schedule is established for each futures market segment by the corresponding trading organizer.

Trading is held in electronic form. Traders can review the trading procedure from their workstations and generate and file applications for participating in trading. A high-performance hardware and software complex is using for trading, which assures the connection of remote workstations, brokerage systems, and other facilities, allowing online transactions and supporting a unified information and trading platform among regions.

Regional Traders can participate in trading using technical access through regional exchanges.

Following the results of trading, participants’ trading obligations are determined on a daily basis and clearing, which involves the position correction procedure for participants in market trading, is performed. Clearing organization functions in the MICEX Group Futures Market are performed by MICEX CJSC.

A reliable guarantee system ensures maximum security for the MICEX Group Futures Market and its participants and clients.

Settlements of trading results, as well as depositing resources to create open positions are provided by the MICEX Clearing House, where participants open their settlement and trading accounts.

A unique settlement service complex allows Traders to reallocate financial resources among various MICEX Group markets in the framework of the MICEX Clearing House, as well as transfer financial resources to the MICEX Clearing House and withdraw financial resources from the MICEX Clearing House online.