FORTS: Open Interest For Moscow City Bond Futures Contracts Exceeds 1 Billion Rubles

On July 5 th , 2005, open interest for the futures contract on the three-year Moscow City bond basket exceeded 1 billion rubles (100 thousand contracts) and amounted to 10.3% of the total open interest for futures on FORTS, the derivatives segment of the RTS Stock Exchange. Trading volume in the futures contract reached 5 million rubles or 489 contracts.

Trading in the futures on the bond basket started on June 1 st , 2005. This instrument is a long-term standard contract. Moscow City bond is a benchmark for the bond market, so futures contract for the basket allows market participants to hedge risks not only for the Moscow City bonds but also for the bonds issued by other companies.