During the week (27-31 October, 2003), the volume of transactions, concluded in currency futures, reached 2910 contracts (99,3 mln rubles), which exceeds the result of the previous week (48,1 mln rubles) 2,06 times. The volume of open positions exceeded 2,0 mln US dollars. As of the end of the week, closing prices of futures for the US dollar were: 29,9538 rubles with performance in November 2003, 30,0625 rubles with performance in December 2003 and 30,1400 rubles with performance in January 2004.
Last week, the currency market saw the rapid growth of demand, which immediately affected the market of futures for the US dollar. On 30 November 2003, futures for the US dollar with performance in November and December went up by 5,8 kopecks and 2,5 kopecks correspondingly. The turnover reached 2205 contracts, which is this year's record figure for the currency futures market.
The activity of participants in the MICEX currency futures market was boosted by the entrance to the market, on 21 October, of such large commercial banks as Sberbank, Promstroibank St.Petersburg, Metalinvestbank, MDM-bank, Moscow Joint-Stock Bank and Tsentrokredit Bank. By the end of the week, Konversbank, Menatep (St.Petersburg) Bank and Trust Bank completed the procedure of accreditation and admission to trading in futures for the US dollar. The growth of liquidity resulted in the coming of small participants - currency speculators - to the market.
In the words of Alexei Osenmuk, Deputy MICEX CEO, considerable currency market fluctuations make large Russian exporters, importers and their clients interested in insuring against currency and interest rate risks, which can give support to the development of this market.
