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Market Information

Trading on MICEX Stock Exchange Derivatives market started in June 2007. The first launched contract was cash-settled MICEX Index futures. Since April 2009 delivery stock futures on Russian issuers’ shares also went into circulation.

The key advantage of MICEX SE Derivatives Market is operation on unified technological platform and within the MICEX Group unified trading and settlement complex. Trading stock futures contracts on MICEX Stock Exchange considerably increases the efficiency of arbitration and hedging transactions, while reducing time and transaction costs, due to liquidity concentration on spot market and possibility of on-line cash transfering in MICEX Settlement House between derivatives and spot markets. MICEX SE share exceeded 98% in Russian stock market turnover in 2008 and covers 100% of government-backed securities transactions and about 100% of exchange trading volume of corporate obligations. Futhermore, settlement of stock futures on shares are executed with physical delivery on depo accounts at National Depositary Center – the Russian largest settlement depository by volume of assets in custody and volume of served transactions (approximately 99% on exchange spot market).

MICEX Stock Exchange Derivatives Market is a part of MICEX Group Derivatives Market, where stock futures contracts in securities and stock indices (i.e. stock derivatives) are traded.

The following contracts are available for trading on MICEX SE Derivatives Market:

  • Cash-settled stock index futures contracts:
    • on MICEX Index;
  • Deliverable single stock futures contracts:
    • on Gazprom ordinary shares;
    • on Sberbank ordinary shares.

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

  • Deliverable single stock futures contracts:
    • on Lukoil ordinary shares;
    • on Norilsk Nickel ordinary shares;
    • on VTB Bank ordinary shares;
    • on Rosneft ordinary shares;
  • Deliverable government bond (OFZ) futures contracts:
    • on long-term government bonds;
    • on middle-term government bonds;
  • Cash-settled options on MICEX Index futures contracts;
  • Deliverable options on shares.

Derivatives contracts are admitted to trading on MICEX SE Derivatives Market after:

  • Approval of their Specifications by the MICEX SE Board of Directors;
  • Approval of the Specifications with national regulating authorities (Central Bank of the Russian Federation and Federal Financial Market Service);
  • Implementing Specifications by the MICEX Stock Exchange Management.

Before being examined by MICEX SE Board of Directors the Specifications of derivatives contracts are submitted for consideration to MICEX SE Exchange Committee and MICEX SE Derivatives Market Committee.

On the Securities and Index Derivatives Market MICEX Stock Exchange is the trading organization and MICEX is the clearing organization. The market participation conditions and the trading procedures are defined in the Access Rules of MICEX SE Derivatives Market and the Trading Rules of MICEX SE Derivatives Market, and the clearing conditions are regulated by the Moscow Interbank Currency Exchange Clearing Rules for Derivatives Market.

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

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

In order to create support liquidity on MICEX SE Derivatives Market official Market-makers put and maintain bilateral orders for Securities and Index futures on a regular basis during trading session.