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MICEX currency futures market: considerable growth of activity
January 29, 2008
January 2008 is marked by significant increase of activity on MICEX currency futures market. The average daily volume in US dollar futures has reached 656 000 contracts exceeding the similar rate of year 2007 (344 000 contracts) almost twice. Open interest has set a new historical high of 6 828 700 contracts (168,2 billion Russian roubles notional amount). This record figure is 40% higher than the last 2007 trading day▓s number. MICEX US dollar future has proved to be one of the most actively traded contract on the Russian derivatives market. Overall local turnover in January has exceeded CME▓s figures for USD/RUB futures in 6,5 times , while the open interest is 4 times higher than the CME▓s one .
Brief information:
MICEX derivatives market is one of leading organized derivatives markets in Russia and has more than 90% share of local currency futures.
The most actively traded MICEX future is US dollar contract. EUR/RUB futures and EUR/USD futures are also listed as well as short-term interest rate futures: on the compounded MosIBOR overnight interest rate and the 3-month MosPrime Rate. The rates are calculated by the National Foreign Exchange Association (NFEA) and are the most representative indicators of the Russian money market. The total number of members of the Derivatives Market Section is 190 organizations.
On June, 29th, 2007 trading of MICEX Stock Index was launched on the MICEX Stock Exchange. The total number of MICEX Stock Exchange▓s derivatives market members is 128 organizations for now.
The clearing services for both MICEX derivatives markets (MICEX and MISEX SE) are provided by MICEX. Further information related to the MICEX derivatives market is available on the MICEX web site http://www.micex.com/futures/ or by phone (+7 495) 705-9612.
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