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In September 2007 the total trade volume on the MICEX Group’s derivatives market amounted to about 207 billion rubles, while open interest at the end of the month exceeded 105 billion rubles. Currency futures accounted for the greater part of the trade volume.
In September 2007 the total volume of trading in US dollar futures on the MICEX amounted to 7.9 million contracts or 201.6 billion rubles. This is less than record-high trade volumes reached in August but exceeds by 20% the monthly average volume of transactions reached in 2007. In September 2007 the daily average volume of trading in US dollar futures reached 396.5 thousand contracts, which exceeds by 20% the daily average trade volume reached in January - August 2007 (329.6 thousand contracts). At the end of September 2007 open interest amounted to 4.15 million contracts or 104.1 billion rubles in money terms. This is 4.5% less than the figure reached in August but exceeds 3 times the figure for the beginning of 2007. As a result of September trading on the MICEX, the US dollar futures confirmed its position as one of the most actively traded instruments on the Russian derivatives market.
In September 2007 demand for interest rate risk hedging instruments remained high. During the month, the volume of transactions on the market for futures on short-term interest rates amounted to about 5.6 billion rubles. In September 2007 the daily average trade volume (280.8 million rubles) was 3.4 times more that the daily average trade volume reached in January-August 2007 (82.0 million rubles). At the end of September 2007 open interest amounted to 216 contracts, which exceeds 3.8 times the same figure for the beginning of 2007 (57 contracts).
In September 2007 the market for stock derivatives was developing rapidly. During the month 103 transactions were concluded in the MICEX Index futures to the total amount of about 228.5 million rubles (697 contracts). At the end of the month open interest amounted to 1366 contracts (49.1 million rubles), which exceeds two times the volume of open interest reached at the end of August 2007. This growth continued in October. On 2 October open interest reached 2100 contracts.
The growing quantitative indicators for all segments of the MICEX Group’s derivatives market continue to attract new participants. On 1.10.07, 185 organizations were members of the MICEX Derivatives (Standard Contracts) Market Section. In September, 49 organizations were admitted as participants in trading on the derivatives market of the MICEX Stock Exchange. The total number of participants in the stock derivatives market amounted to 117 organizations. At the end of September the total number of participants admitted to trading on the MICEX derivatives market amounted to 88 organizations (on the derivatives market of the MICEX SE: 28 organizations). The advent of a large number of new organizations to the derivatives market confirms that the market and its liquidity can satisfy demand for instruments hedging currency and interest rate risks of all types of economic entities, independently of the volume of their operations. It also confirms interest in instruments and technologies offered in new segments of the MICEX Group’s derivatives market.
