Specifications for these instruments were worked out in the framework of the project to create a stock market of oil and oil products. The MICEX is implementing this project jointly with the RF Ministry of Energy, the Central Control Office of the Fuel and Energy Complex of the RF Ministry of Energy (CCOFEC), the RF Antimonopoly Ministry with information and consulting support provided by the International Petroleum Exchange (London). To implement the project, on 17 December, 2002, CCOFEC, the MICEX, the National Commodity Exchange (NCEX) and the Central Russian Universal Exchange (CRUEX) signed an agreement of cooperation in the creation of the stock market of oil and oil products. The organization of the MICEX derivatives market and the planned launch of settlement contracts for oil products were discussed in detail in the training seminars, conducted in the framework of the Comprehensive training program for the Fuel and Energy Complex specialists, held 26-28 March, 2003, on the MICEX by Confidence UK Consulting Company with the assistance of the International Petroleum Exchange.
The first phase of the project includes the creation of the market of settlement derivative instruments for price indexes of oil products, calculated by CCOFEC and the Russian Fuel and Energy Complex Information Agency (RFECIA) (www.riatec.ru) in compliance with the Rules of Price Indexes for Oil Products of the Russian Fuel and Energy Complex Information Agency, adopted by the RF Ministry of Energy. These indexes are calculated on the basis of current information on sales volumes and selling prices of oil refineries, received by CCOFEC in compliance with the Decree of the RF Government # 663 of 6 September, 2002, "On the formation and use of state resources of the fuel and energy complex of the Russian Federation".
It is intended to put into circulation 6 settlement futures for:
- price index for low-octane gasolines;
- price index for top-bracket gasolines;
- price indexes for summer diesel fuel;
- price indexes for winter diesel fuel;
- price index for black oil fuel;
- summary price index for oil products of RFECIA,
with the following parameters:
| Base asset | price index for low-octane nonleaded gasoline А76/А80 | price index for nonleaded top-bracket gasoline А92/А93 | price index for summer diesel fuel | price index for winter diesel fuel | price index for black oil fuel М100 | summary price index of RFECIA |
| Amount of base asset | 10 rubles multiplied by index value | |||||
| Minimal price change | 0,1 of index point | |||||
| Depth of contract | the next 6 months | |||||
| Day of performance | the third Monday of the month of performance | |||||
| Method of performance | without the delivery of base asset | |||||
| Final settlement price | Index value on the day of performance | |||||
Brief information on the market: Today, participants of the MICEX derivatives market can conclude transactions involving 5 settlement futures for stock assets: common shares of RAO UES, Gazprom, LUKoil, Surgutneftegaz and MICEX10 Index - with performance within the next 3 months - and 2 settlements futures for foreign currencies: the US dollar and the euro - with performance within the next 6 months. Trades in futures in the MICEX Derivatives (Standard Contracts) Market Section are held in the MICEX trading system daily from 10:40 till 19:00. Settlements are effected through the MICEX Settlement Chamber. The MICEX Settlement Chamber performs clearing for derivative instruments for stock assets, while the MICEX performs clearing for currency futures. The MICEX Derivatives (Standard Contracts) Market Section has implemented the technology of depositing and withdrawing deposit margin funds in the course of trading session.
