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A record-high volume of trading in the MICEX Index futures has been registered on the MICEX Stock Exchange’s derivatives market. In the course of the trading session held 28 August 2007 the trade volume amounted to 1 550 contracts or 51 million rubles. Participants in trading concluded 21 transactions. These figures demonstrate considerable growth of participants’ interest in trades in futures on the MICEX Index, the main indicator of the MICEX Stock Exchange’s share market. As a result of the first six months of 2007 the volume of trading on the MICEX SE amounted to 98% of the volume of exchange-based trading in shares in Russia.
The MICEX Index Futures enable professional participants, including portfolio managers of index funds, to hedge the risk of unfavorable changes in the value of the share portfolio and earn additional income on a volatile market.
The previous maximum figure (1142 contracts) was registered on 9 August 2007. Two record-high figures of trade volume, reached on the MICEX SE’s derivatives market during August, demonstrate the growing interest of participants in derivatives market, which was launched two months ago. Participants’ interest is also proved by the fact that a number of leading broker companies have integrated the technologies of the MICEX SE’s derivatives market in their internal accounting systems and have begun to register clients’ accounts.
Trading on the derivatives market of the MICEX Stock Exchange was launched at the end of June 2007. The MICEX SE’s derivatives market is the segment of stock derivatives of the derivatives market of the MICEX Group. At present, trading is held in the first contract from the line of instruments, the MICEX Index futures. Market makers maintain regular bilateral quotations for this contract.
The organizer of trading in the MICEX Index futures is the MICEX Stock Exchange. The MICEX acts as a clearing organization for transactions in the MICEX Index futures and other derivative instruments on stock assets in accordance with the Rules of clearing provided by the MICEX on the derivatives market, which were put into effect on 25 June 2007. The total number of participants in trading on the MICEX Stock Exchange’s derivatives market has reached 68 organizations, including 29 credit and 39 non-credit institutions. Over 50 organizations have applied for admission.
