31.07.2007
Futures based on single stocks issued by Russian companies have been successfully traded at the FORTS market for many years. The list of shares for futures’ contracts has been constantly developing and growing throughout these years. The issuers of the stocks of the futures’ contracts are the leading companies in the most developed segments of the Russian market: oil production, energy, communication and metallurgy.
Broadening the potentialities of equity portfolio managers by means of single stock futures:
- Reducing the risk of the equity portfolio
- The possibility of short sales
- Using "the leverage effect" which is about 1,5:1,7 on average
- Reducing transaction costs when working with shares:
- Lower commission charges (e.g., the lack of depositary charges)
- Free "leverage" (the participants are charged only with the opening and closing of a position, whereas position trading is free)
- Creating short-term "synthetic" bonds
- The possibility of strategy construction for futures and options on futures.
Strategies
News
A new edition of the specification for United Energy System ordinary shares and MMC Norilsk Nickel ordinary shares contracts has been ratified
General characteristics for single stock futures
| Settlement |
Physical delivery |
| Contract Months |
4 successive quarterly months in the cycle March, June, September, December |
| Minimum Price Movement (Tick Size and Value) |
1 RUR per contract |
| Last Trading Day |
Trading day preceding the 15-th of an appropriate delivery month |
| Delivery Period |
Business day following the last trading day |
Characteristics for single stock futures
Underlying
asset |
Volume
of contract |
Minimum
initial margin* |
Code
of contract ** |
Code of contract in trading system*** |
Code of contract in Reuters *** |
Code of contract in Bloomberg *** |
Exchange fee, RUR per contract (including VAT, collected from both parties) |
Registration
of trades |
Scalper
trade **** |
Registration
of bilateral
trade |
Execution |
| Gazprom ordinary shares |
100 shares |
12% |
GAZR -<mm>.<yy> |
GZ <m><y> |
GZ <m><y>: RTS |
GAZP=<m><y> RU <EQUITY> <GO> |
1 |
0.5 |
1 |
2 |
| LUKoil Holdings ordinary shares |
10 shares |
12% |
LKOH -<mm>.<yy> |
LK <m><y> |
LK <m><y>: RTS |
LKOH=<m><y> RU <EQUITY> <GO> |
1 |
0.5 |
1 |
2 |
| Rostelecom ordinary shares |
100 shares |
12% |
RTKM -<mm>.<yy> |
RT <m><y> |
RT <m><y>: RTS |
RTKM=<m><y> RU <EQUITY> <GO> |
1 |
0.5 |
1 |
2 |
| Rosneft ordinary shares |
100 shares |
12% |
ROSN -<mm>.<yy> |
RN <m><y> |
RN <m><y>: RTS |
ROSN=<m><y> RU <EQUITY> <GO> |
1 |
0.5 |
1 |
2 |
| Surgutneftegas ordinary shares |
1000 shares |
12% |
SNGR -<mm>.<yy> |
SN <m><y> |
SN <m><y>: RTS |
SNGS=<m><y> RU <EQUITY> <GO> |
2 |
1 |
2 |
4 |
| MMC Norilsk Nickel ordinary shares |
10 shares |
12% |
GMKR -<mm>.<yy> |
GM <m><y> |
GM <m><y>: RTS |
GMKN=<m><y> RU <EQUITY> <GO> |
2 |
1 |
2 |
4 |
| Sberbank of Russia ordinary shares |
100 shares |
12% |
SBRF -<mm>.<yy> |
SR <m><y> |
SR <m><y>: RTS |
SBRF=<m><y> RU <EQUITY> <GO> |
0.5 |
0.25 |
0.5 |
1 |
| OAO AK TRANSNEFT priviliged shares |
1 share |
15% |
TRNF<mm>.<yy> |
TN<m><y> |
|
|
2 |
1 |
2 |
4 |
| OAO Polyus Zoloto ordinary shares |
10 shares |
15% |
PLZL<mm>.<yy> |
PZ<m><y> |
|
|
1 |
0.5 |
1 |
2 |
| OAO NOVATEK ordinary shares |
100 shares |
15% |
NOTK<mm>.<yy> |
NK<m><y> |
|
|
1 |
0.5 |
1 |
2 |
| OAO Uralsvyazinform ordinary shares |
1000 shares |
15% |
URSI<mm>.<yy> |
UI<m><y> |
|
|
1 |
0.5 |
1 |
0.2 |
| OAO Mobile TeleSystems ordinary shares |
100 shares |
15% |
MTSI<mm>.<yy> |
MT<m><y> |
|
|
1 |
0.5 |
1 |
2 |
| OAO OGK-3 ordinary shares |
1000 shares |
15% |
OGKC<mm>.<yy> |
OC<m><y> |
|
|
1 |
0.5 |
1 |
0.2 |
| OAO OGK-4 ordinary shares |
1000 shares |
15% |
OGKD<mm>.<yy> |
OD<m><y> |
|
|
1 |
0.5 |
1 |
0.2 |
* In percentage from contract value.
** <mm> – contract month, <yy> – contract year (Arabic symbols).
*** <m> – contract month, <y> – contract year.
**** Deals, which result in opening or closing a position during one trading session.
