Reserve Fund Of JSC RTS Clearing Center Has Been Increased To 450 Million Rubles

Effective August 6, 2007 by the recommendations of the Board of Directors of OJSC “Russian Trading System” Stock Exchange, the size of the Reserve Fund of JSC RTS Clearing Center is increased by 100 million rubles.

This decision has been taken due to the launch of the new futures and options contracts and the increase of the trading volume of the Derivatives market FORTS.

In accordance with the decision taken, the size of the Reserve Fund is set in a size of 450 million rubles, the total size of the Initial Margin Fund has exceeded 900,1 million rubles.

Initial Margin Fund is one of the main components of the risk management system on the Derivatives market FORTS. Its size influences the opportunity of the market participants to perform the transactions at market prices even with the considerable increase of volatility on the market of the underlying assets. Initial Margin Fund consists of Contingency Fund, Compulsory Assessments Fund and Reserve Fund.

Contingency Fund is formed from the Clearing members’ fees on futures contracts. The total size of the Contingency Fund as of 27.07.2007 is 449 850 000 (four hundred forty nine million eight hundred and fifty thousand) rubles.

Compulsory Assessments Fund is formed from the income of the Clearing Center at the expense of monthly charges. At the present moment the size of the Compulsory Assessments Fund exceeds 300 000 (three hundred thousand) rubles.

Reserve Fund is formed by the Clearing Center at the expense of targeted payments from the means of the Clearing Center. At the present moment the size of the Reserve Fund is 450 000 000 (four hundred and fifty million) rubles.