FORTS Initial Margins Increase For The Holidays

From December 29th, 2003, through January 8th, 2004, initial margins for futures contracts will be increased to 20% of the contract price. This decision was made by the RTS Stock Exchange Derivatives Market Committee on December 9th, 2003.

Currently the initial margin for all contracts except for those on "Surgutneftegaz" and "Rostelecom" stocks, equals 15%.

FORTS, a unified derivatives market operating since September 19, 2001, is based on trading and settlement technologies and software that were implemented at and have been successfully used by St. Petersburg Stock Exchange for 8 years. RTS acts as the trading system and the clearinghouse on the integrated market. 84 companies from Moscow, St. Petersburg, Novosibirsk, Ekaterinburg, Samara, Rostov-on-Don, Kazan and Abakan FORTS participants trade 8 futures contracts and 3 options.