The Delegation Of The Association Of Futures Markets Visits The MICEX To Study Its Exchange Business Technologies

The delegation of the Association of Futures Markets (AFM), comprised of representatives of exchanges of Bulgaria, Hungary, Romania, the USA, Ukraine, Switzerland, South Africa and other countries, has visited the MICEX to study its electronic trade and settlement complex, which forms the basis of Russia's financial infrastructure. The delegation's meetings with the MICEX management focused on the modern trends in the development of stock markets and areas of possible cooperation, including the creation of a unified information area for commodity markets.

The visit was made in the framework of the 6-th international conference on futures market, held in Moscow 20-21 March, 2003.

During their visit, the guests learned about the MICEX exchange business technologies, including the organization of trades and settlements in the derivatives market. According to Sergei Mayorov, the MICEX Director for the standard contracts market, in the context of globalization, integration, spreading through world financial markets and exchange technologies, is becoming extremely important. Integration can affect not only financial markets, but commodity markets as well. The MICEX is directly involved in the implementation of several pilot projects in commodity markets, in particular projects for grain, white sugar and oil products.

The delegation members noted the growing interest in the Russian derivatives market, displayed by foreign investors and infrastructure organizations of the world market of futures and options. According to the AFM's executive secretary Krizstina Kasza, "this interest is a good basis for the expansion of multilateral cooperation and integration of the Russian derivatives market into the world futures industry."

Brief information: The Association of Futures Markets, established in 1998, is an international organization, uniting futures exchanges and clearing organizations throughout the world. A large number of exchanges participate in the work of the Association, among them exchanges of Hungary, the Netherlands, Malaysia, Poland, Russia, Romania, Ukraine, South Africa as well as the London International Financial Futures Exchange (LIFFE), the EURONEXT exchange, the Swiss Association of Futures and Options exchanges and other organizations. The AFM organizes international conferences aimed at promoting interaction between exchanges, exchange of experience and information.