April 18, 2006

The MICEX Board has decided to put in force, beginning from 24 April 2006, new versions of the following documents of the MICEX Derivatives Market Section:

• Rules of the MICEX Derivatives Market Section;

• Rules (terms) of clearing in the MICEX Derivatives Market Section;

Amendments to the Section’s documents were made in connection with the MICEX’ efforts to launch option contracts, improve the guarantee system and simplify the procedure of document turnover with participants in the MICEX derivatives market.

Under the project to launch option contracts, it is intended to use, first of all, futures on the US dollar as the options’ underlying asset. The simultaneous circulation of futures and options will provide more possibilities of using derivative instruments on foreign exchange and will enable market participants to implement different strategies of hedging and/or speculation. In future, it is intended to launch trading in options on other futures demanded by market participants.

Besides, in order to improve the guarantee system, the MICEX Derivatives Market Section has risen its requirements for the financial state of its members non-credit institutions. The equity capital of an Individual Clearing Member must now be at least 1 000 000 euros, while the equity capital of a General Trading Member must amount to 500 000 euros.

Another innovation is the simplification of the procedure of submitting reports by participants in the MICEX derivatives market. Section members can now submit their financial reports electronically.

Fin more information on these and other issues at: http://www.micex.ru/futures/