The high volatility of the currency market promotes participants’ interest in transactions in currency futures. Participants’ aim is to be able to manage currency risks and get profits from the increased exchange rate movements. Since the beginning of 2005, the trading volume in the MICEX Derivatives (Standard Contracts) Market Section has reached 20.7 billion rubles (on 6 May 2005), which exceeds 1.6 times the whole turnover of 2004. The number of open positions has grown 2.4 times against the end of 2004.
In April 2005, the MICEX’s share in the total volume of open positions in exchange markets reached 47.1%. The MICEX ranks first in open positions among all Russian exchanges, surpassing by far other trading floors.
The total number of members of the MICEX Derivatives (Standard Contracts) Market Section is 161 organizations. Among its members are Russia’s leading banks. 90 organizations have the status of clearing members, 25 of them being General Clearing Members of the Section, 58 – Individual Clearing Members and 7 – Associated Clearing Members. Since the beginning of 2005, five new organizations have been admitted as members of the MICEX Derivatives (Standard Contracts) Market Section.
