Number Of Daily Transactions On Futures and Options On The RTS Stock Exchange Exceeds 10 000

On December 3rd, 2004, 10 121 transactions were registered on FORTS, Futures and Options on the RTS, the derivatives segment of the RTS Stock Exchange, 11% higher than the previous daily maximum of 9 150 transactions and 59% more than the average number for November (6 355). Futures contract on "RAO UES' single stock with execution in December traded the most actively - 7 512.

Roman Gorunov, the head of FORTS, believes that this increase can be attributed to professional market participants' switching from marginal trading to futures and options trading. "Derivatives are more attractive compared to marginal trading since these instruments do not involve margin credit interest and help investors realize different strategies", adds Mr. Gorunov.