MICEX-RTS Launches Futures Contract on RDRs on RUSAL Plc Stocks
OREANDA-NEWS. February 13, 2012. On February 13, 2012 trading in Russian Depository Receipts (RDR) representing rights on shares of United Company RUSAL Plc and a deliverable futures contract on these securities will be launched within the Exchange’s Standard sector and on the FORTS Derivatives market respectively.
Specifications for the futures contract were registered by the Federal Financial Market Services on January 24, 2012. According to the Specifications, the contract size amounts to 100 receipts. Code of the contract in the trading system is RUAL-<settlement month>.<settlement year>. The MICEX-RTS Derivatives Market Committee has decided to determine the initial margin for this contract at 20%.
The introduction of the RDRs to trading in the Standard and the relevant futures contract on FORTS have marked the completion of a process of launching the instruments on the RUSAL RDRs to all main markets and sectors of the MICEX-RTS Stock Exchange. The issuer of the receipts has involved market makers to ensure liquidity of the new instruments.
"Presence on the market of a wide range of instruments allows us to expect a synergy effect and a subsequent improvement in liquidity and profitability of market participant transactions. In particular, instruments of the derivatives market and the Standard sector with settlement in T+N will be especially attractive for arbitragers and active traders", commented Roman Goryunov, First Deputy Chief Executive Officer, Senior Managing Director at MICEX-RTS. "In addition, it’s a pleasure to see the issuer’s interest towards such instruments and enhancement of their liquidity
"The Russian financial market has been developing rapidly, and we are pleased to become one of the pioneers on it. RUSAL is the first company that launched the Russian Depository Receipts program. I believe that the launch of the futures contract indicates a growth of confidence of the investment community in RDRs and that the contract will be of interest to both Russian and foreign investors", said Oleg Mukhamedshin, Head of Equity and Corporate Development at RUSAL.