February 11, 2005

On 10 February 2005, the volume of open positions in US dollar futures in the MICEX Derivatives (Standard Contracts) Market Section reached the record level of 335 850 contracts (335.9 million US dollars) at the close of the trading session. This exceeds 2.5 times the number of open positions at the end of 2004 and is a record figure since 2000. The largest part is accounted for by contracts with execution in March, April and May: 100 200 contracts, 87 000 contracts and 79 000 contracts correspondingly.

Since the beginning of the year, the turnover has exceeded 301 million US dollars, which makes up about 65% of the whole 2004 turnover. These results show that the number of hedgers, using ruble/ US dollar futures to insure against risks, is steadily growing, which means that market liquidity is growing, too. Bilateral quotations are maintained for all US dollar futures circulating in the market. During the active periods of trading sessions, the spread reaches 1 kopeck for most contracts.

The latest trends demonstrate the steady growth of participants▓ interest in the MICEX market of currency futures, which began to revive in 2003. The increasing volatility of the US dollar results in the growth of turnovers in this segment of the market. In 2004, the total turnover in the Derivatives Market Section reached 13.1 billion rubles (0.46 billion dollars). At the end of 2004, the volume of open positions reached 139 million dollars. To widen the range of traded instruments, the MICEX launches trades in option contracts. The MICEX also focuses on improving the risk management system. All this will help the MICEX to further develop the Derivatives Market. The MICEX expects to see the growth of the volume of operations of existing participants and the coming of new banks and companies to the market.