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Market Information

Trading in MICEX Derivatives Market Section began in September 1996. One of the first launched contracts was the US dollar futures.

Currently MICEX Derivatives Market is the leading FX derivatives market in Russia and its US dollar futures contract is one of the most actively traded futures contracts in Russia. In 2008 the trading volume and open interest on MICEX Derivatives Market made up more than 90% of the total average yearly trading volume and open interest in Russian FX futures. In 2008 according to the Futures Industry Association and FOW Intelligence ratings the US dollar futures traded on MICEX futures market had the highest trading volume rating (in number of contracts) among the world‘s exchange FX derivatives, exceeding 131 million contracts.

MICEX Derivatives Market Section is a part of the MICEX Group Derivative Market, where financial futures contracts are traded.

The following futures contracts are available for trading in MICEX Derivatives market section:

  • Cash-settled foreign exchange futures contracts on
    • US dollars;
    • Euro;
    • EUR/USD exchange rate;
  • Cash-settled short-term interest rates futures contracts on:
    • compounded overnight MosIBOR interest rate;
    • three-month MosPrime interest rate.

The following contracts are to be launched in MICEX Derivatives Market Section in near future:

  • Cash-settled futures contracts on average price of one-day USD_TODTOM swap transactions;
  • Futures-type settlement options on foreign exchange futures contracts.

Derivatives contracts are admitted to trading in MICEX Derivatives Market Section after:

  • approval of their Specifications by MICEX Board of Directors;
  • approval of the Specifications with national regulating authorities (Central Bank of the Russian Federation and Federal Financial Market Service);
  • implementation of the Specifications by MICEX Executive Board.

Before being examined by MICEX Board of Directors the Specifications of derivatives contracts are submitted for consideration before MICEX Derivatives Market Section Board.

On the Financial Derivatives Market MICEX acts as the trading organizer and clearing organization. The Section membership conditions and trading procedures are defined in the Rules of MICEX Derivatives Market (Standard Contracts) Section and the clearing conditions are regulated by the Moscow Interbank Currency Exchange Clearing Rules for Derivatives Market.

MICEX Derivatives Market Section Members admitted to trading execute transactions on their behalf and at their expense, as well as at the expense and in the interest of their clients participating in trading.

Clients settle transactions through their brokers (Section Members) including the Internet access using brokerage systems allowing direct access to trading.

In order to support liquidity on MICEX Derivatives Market official Market-Makers put and maintain bilateral orders for FX and STIR futures on a regular basis during trading session.