The Volume Of Open Positions In The MICEX Derivatives Market Section Has Exceeded 1 Billion US Dollars

The growing need of participants in the currency futures market for the management of foreign exchange risks has resulted in new record-high trading volumes in the MICEX Derivatives (Standard Contracts) Market Section and a significant increase in the number of open positions in December. On 21 December 2005, for the first time in the last five years, the volume of open positions in the MICEX Derivatives Market exceeded 1 million contracts and amounted to 1 039 230 contracts (1.039 billion US dollars). Today, participants have opened positions in all eight ruble/USD futures circulating in the MICEX Derivatives Market. The biggest number of open positions is accounted for by futures with execution in January 2006 (279 700 contracts or 27%) and September 2006 (210 000 contracts or 20%).

On 20 December, a record-high daily volume of trading in ruble/USD futures was reached in the MICEX Derivatives (Standard Contracts) Market Section, which amounted to 217 million US dollars (6.2 billion rubles).

The growth of turnovers and the number of open positions is accompanied by the growth of the number of market participants. The growth of the number of active members of the MICEX Derivatives Market Section results in the decrease of quotation spreads through the whole depth of the market, which, in its turn, promotes the growth of trade volumes. Today, the total number of members of the MICEX Derivatives (Standard Contracts) Market Section is 164 organizations, including most of Russia’s leading banks. Large international investment and trading banks have begun to demonstrate their interest in the MICEX Derivatives Market. In 2005, three subsidiaries of foreign banks became members of the MICEX Derivatives Market Section: Citybank, First Czech-Russian Bank and Home Credit and Finance Bank.

In November 2005, the following banks were among leading operators of the MICEX Derivatives Market:

Rating	Name of the member of the MICEX Derivatives Market Section
1	Metallinvestbank
2	International Moscow Bank
3	Gazprombank
4	Eurofinance Mosnarbank
5	TsentroCredit
6	PSB
7	EVRAZBANK
8	Bank St.Petersburg
9	Vneshtorgbank
10	Sberbank