RTS Index Futures Are To Be Launched On The August 3rd

Futures on the benchmark indicator of the Russian stock market – the RTS Index are to be launched on the August 3 rd , 2005. The settlement months of the contracts to be introduced are September and December, 2005, March and June, 2006. Futures contract specification was registered by FSFM on the 26 th July, 2005.

Contract size is defined by multiplying Index value by USD 2. Final settlement price is defined due to the Index average value calculated during the last trading hour of the last trading day of the contract multiplied by USD 2. Settlement day is the 15 th of a settlement month or the first b usiness day following the last trading day .

The initial margin requirements are 10% of the contract value. Fees for buying/selling contracts are RUR 1 per contract, for scalper transactions – RUR 0.5 per contract.

RTS Index Futures provide a wide range of opportunities to hedge stock portfolio risks and to take advantage of broad market movements. These contracts are eq ually attractive to both small-scale investors and large market professionals.

RTS Index – the official RTS Stock Exchange market indicator – has been the benchmark indicator of the Russian securities market since 1995. The RTS Index is calculated online during trading session on the RTS Classic Market after every change in the price of every security-constituent of the Index (RTS Classic Market is open from 10.30 am to 6.45 pm Moscow time). The Index constituent list consists of 50 stocks issued by leading Russian companies.