In the last two years FORTS has become an indispensable part of Russian securities market and the acknowledged leader of the derivatives segment. Aggregated trading volume on FORTS exceeded 240 billion rubles and 47 million contracts, the number of transactions in futures and options equaled 1,2 million. In its second year of existence, trading volume on FORTS increased 1,9 times in contracts and in 2,3 times in rubles. The number of transactions grew 1,8 times.
In 2003 a number of futures contracts ("LUKoil", "Rostelecom", RAO "UES of Russia", "Surgutneftegaz") became deliverable. Product line expanded to include the futures contract on the US dollars, options contract on 'LUKoil' futures contracts and a Moscow City bond futures.
The number of clearing members working on FORTS increased from 77 to 84, the number of their clients jumped 2.5 times.
To increase reliability of FORTS derivatives market, in 2003 the RTS Stock Exchange established a separate center for derivatives transactions clearing on the basis of 'RTS Technical Center'. The new margin system was introduced, prompting fast development of the options segment.
In the past twelve months FORTS initial margin, contingency and reserve funds grew steadily. The number of open positions grew fourfold, from 960 million in September 2002, to 4 230 million in September 2003. The share of options in total number of open positions increased from 11% to 41%.
FORTS contingency fund grew from 6,1 million rubles to 17, 9 million rubles on the year. The Reserve fund, maintained by the RTS Stock Exchange, currently equals 60 million rubles.
