The Board of the MICEX has decided to carry into effect, as of 25 June 2007, the new version of the Rules of clearing provided by the Moscow Interbank Currency Exchange on the derivatives market. The new version of the Rules regulates clearing of all derivative instruments traded or to be traded on the derivatives market of the MICEX Group in the framework of the single clearing organization, the MICEX. This will enable to have a single money position and unified standards of coverage for all traded derivative instruments. Besides, this will enable participants in the MICEX Group’s derivatives market to base their internal procedures on a single platform, simplify the procedure of concluding contracts for clearing services and reduce the number of reports. These advantages are especially important considering the launch of trading in futures on stock assets, scheduled for the end of June. The MICEX Stock Exchange will act as the organizer of trading.
On the basis of the Order of the RF Federal Service for Financial Markets #07-32/pz-n of 29 March 2007 “On the Non-application of Clause 9.1 of the Statute of Clearing on the Securities Market of the Russian Federation, Adopted by the Federal Commission for the Securities Market (ordinance #32/ps of 14 August 2002)”, which repeals the proscription of combining clearing on the derivatives market with clearing on the spot markets, the Board of the MICEX decided, on 18 April 2007, to deem it expedient to use the MICEX as a clearing organization in trading in stock derivatives in the MICEX Group. This decision enables to give participants in all segments of the derivatives market of the MICEX Group such advantages as the high capitalization of the clearing organization, the availability of reserve funds in the amount of 500 million rubles and the possibility to implement components of the new system of risk management on the derivatives market as soon as these components are ready.
According to the Rules of Clearing, registered by the RF Federal Service for Financial Markets on 7 June 2007, the MICEX will perform clearing functions in the MICEX Derivatives (Standard Contracts) Market Section and on the derivatives market of the MICEX Stock Exchange.
Find the text of the Rules on the web page of the MICEX derivatives market at http://www.micex.ru/futures/docs.html.