MICEX Started Trading in Futures on Shares
OREANDA-NEWS. On 30 April 2009 was announced, that trading in new instruments, delivery futures on shares, started in the MICEX Group’s derivatives market on April 27,
Specifications of delivery futures on common shares in Gazprom and Sberbank, as well as common shares in LUKoil, Norilsk Nickel, Rosneft and Vneshtorgbank were approved by the Board of the MICEX SE on February 3, 2009, and registered by the RF Federal Financial Markets Service on 13 March, 2009.
It is intended to launch other futures on shares as market participants’ demand for these instruments grow and liquidity for futures already launched forms.
Futures contracts are executed by means of physical delivery on securities accounts with the National Depository Center (NDC).
In order to stimulate primary demand for stock derivatives, the MICEX SE has approved the indicators of market-makers’ obligations in respect of these contracts and established 6-month marketing periods for exchange and clearing fees and fees for engineering and technical services. As a result, starting from April 27, the total commission (including VAT) for transactions in delivery futures on common shares in Gazprom and Sberbank amounted to 0.04 rubles per 1 contract. The commission for transactions in settlement futures on the MICEX Index is 0.20 rubles per 1 contract.
Widening the range of instruments traded in the MICEX Group’s derivatives market, primarily stock derivatives, is an important measure to ensure the growth of the number of participants in trading and improve the liquidity of the market. Other measures include the appointment of market-makers for all major instruments and the launch of a new risk management system in the MICEX derivatives market on April 13, 2009, which has already resulted in the increase in trading volumes and the number of transactions in derivative instruments on the MICEX.
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