Фондовая биржа

Биржевая инфраструктура для отрасли коллективных инвестиций

Калининград, 2010.

Фондовая биржа РТС

БИРЖА и СУБЪЕКТЫ КОЛЛЕКТИВНЫХ ИНВЕСТИЦИЙ: точки соприкосновения

Раскрытие информации о рыночных ценах, признаваемых котировках и иной информации, необходимой для нужд отрасли коллективных инвестиций Обращение паев Специальные площадки для фондов для квалифицированных инвесторов Проблематика ETF Срочные контракты для субъектов коллективных инвестиций Спот-рынки с отсрочкой исполнения обязательств

2

VOLATILITY OF DERIVATIVES

*20-day standard deviation (on an annualized basis)

Рынок forts

DERIVATIVES TRADING VOLUME ($)

AVERAGE DAILY VOLUME COMPARISON: RTS INDEX FUTURES v MOST LIQUID STOCK

RTS Index futures is the top liquid instrument of the Russian financial market

The trading volume in this futures contract surpasses by far that in top liquid stocks. In 2009 it became one of the leading index derivatives globally in accordance with the rankings issued by FIA, and based on the results of 2009 it was rated 9th in terms of trading volume.

AVERAGE DAILY VOLUME COMPARISON: RTS INDEX FUTURES v MOST LIQUID STOCK

The average daily spread for the RTS Index futures is tighter than 0.015%

The RTS Index futures offers the tightest spread on the financial market in Russia. In 2010 the average daily spread has only exceeded the 0.015% size on rare occasions.

AVERAGE DAILY VOLUME COMPARISON: RTS USD/RUB v MICEX USD/RUB

Based on the results of 2009 the USD/RUB futures was rated 9th worldwide by FIA among other FX derivatives ranked by turnover. In December 2009 the F&O Intelligence magazine put it at the top of its December trading volume ranking.

The success of the USD/RUB futures contract is interesting because under the effective Russian law the entire currency spot market in Russia is concentrated on another exchange (MICEX). However, starting from 2009 the convenience of the instrument trading on RTS (and other RTS FX contracts) from an individual investor’s perspective coupled with the growing investor interest towards FX contracts caused by sharp movements of FX rates resulted in a solid increase of the trading volume and open interest. For the first 3 months of 2010 the FX contracts on RTS have traded nearly eight times as much as on MICEX.

Рынок rts standard

Среднедневной объем торгов составляет 16 млрд. рублей в месяц

Система риск-менеджмента

Частичный неттинг 3-х уровневая Гарантийная система : На уровне конечного клиента На уровне брокерской фирмы На уровне расчетной фирмы Гарантийный фонд Страховой фонд Резервный фонд