Specifications of these contracts, worked out in response to the requests of market participants, will help to increase the range of circulating instruments and to create new segments of the MICEX derivatives market for financial and commodity assets.
The project to create a derivatives market for sugar is being implemented jointly with the Association of sugar producers of Russia and leading sugar market operators. In the framework of the project it is intended to put into circulation futures for white sugar with the delivery of the base assets through authorized warehouses located in Krasnodar region.
The adopted parameters of the white sugar futures contract:
Base asset
|
Granulated sugar (government standard 21-94)
delivered on FCA (Free Carrier) terms at authorized warehouses' railway
stations |
|
Amount of base asset |
65 MT |
|
Minimal
price change |
10 rubles per 1 MT |
|
Contract period |
next 18 months: March, May, July, October |
|
Date of performance |
the 15th day of the month of
performance |
|
Method of performance |
by delivering base asset |
The project to create a derivatives market for gold is being implemented with the support of the Bank of Russia. As a result of market research, conducted by the MICEX derivatives market department, and joint meetings with the representatives of the Bank of Russia and largest operators of the gold market (commercial banks), specifications were worked out for the futures contract for gold with the following parameters:
|
Base asset |
Gold in bullions
|
|
Amount of base asset |
1 kilogram |
|
Minimal price change |
0,01 rubles per 1 gram |
|
Contract period |
next 6 months |
|
Date of performance |
the 15th day of the month of
performance the 15th day of the month of performance |
|
Method of performance |
without delivery of base asset |
|
Final settlement price |
The value of the first (morning) fixing for
gold on the London spot market on the day of the futures performance,
re-counted by the official exchange rate of the US dollar to the ruble,
set by the Central Bank of Russia on the day of performance, and divided
by 31,1035 (the ounce-gram coefficient) |
Brief information: Today, participants in the MICEX derivatives market can conclude transactions in 5 settlement futures for stock assets: common stocks of RAO UES, Gazprom, LUKoil, Surgutneftegaz and index MICEX10 (with performance within the next 3 months) and 2 settlement futures for the US dollar and the euro (with performance within the next 6 months). Trades in futures are held in the MICEX Derivatives (Standard Contracts) Market Section 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. Since 25 October, 2002, deposit margin has been placed and withdrawn in the MICEX Derivatives (Standard Contracts) Market Section in the course of the trading session.
