MICEX Announces Settlement of Futures and Options in March 2014
OREANDA-NEWS. On 14 March 2014, futures and options will be settled via the Derivatives Market and Standard Sector's unified settlement system.
The Settlement schedule is as follows:
14 March The last trading day for single stock futures and options thereon.
Options on single stock futures will be settled during the evening clearing session, which runs from 6:45-7:10 pm MSK (except for in the money options exceeding the limit; these are settled automatically).
During the evening clearing session, single stock futures are settled via trades in the Standard Sector with 21 March settlement.
The additional evening session starts at 7:10 pm MSK.
17 March The last trading day for options on RTS Index futures, MICEX Index futures, futures on RTS Indices. Settlement prices for index futures are calculated between 3:00-4:00 pm MSK, using the average value of the relevant index for the period.
During the evening clearing session, options on RTS Index futures and options on MICEX Index futures are settled (in the money options are settled automatically).
Index futures are settled during the evening clearing session.
the additional evening session starts at 7:10 pm MSK.
21 March Delivery on single stock futures deals made on 14 March takes place at 5:00 pm MSK in the Standard Sector.
Single stock futures will be settled via T+5 (the new trading day begins after the clearing session, and the trade's settlement day is automatically changed to Ò+4) at the future's settlement price. Instruments with T+4 settlements will trade anonymously in the Standard Sector during the 17 March session, then directly until expiration.
As a result, participants acquiring shares after the futures settlement will be able to influence the settlement prices of RTS indices futures, as the prices of shares traded in the Standard Sector are included in the RTS Index, RTS Standard Index, and sectorial indices.
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