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The FORTS Derivatives Market launches the Clash of the Titans Competition

28/01/2013 01:19 (452 Day 06:18 minutes ago)

The FINANCIAL -- The MOSCOW Exchange announces the Clash of the Titans Competition to improve the quality of its order book for derivatives.



As MOSCOW Exchange said, the competition will start on February 01, 2013 and will be held on a monthly basis. The following FORTS instruments will take part in the competition in the first month (from 1st to 28th of February): the RTS Index futures contract - March 2013 (brief code RIH3) and the MICEX Index futures contract - March 2013 (brief code MXH3).

Interim outcomes for Competition Participants will be calculated daily. To determine the total trading volume generated by a Participant by the end of the trading session, trades of such Participant executed based on its order of 100 lots and more with the number of the order being less than the order number of counterparty(-parties) for such trades will be considered (i.e. the participant’s order was submitted earlier).   

The Competition Winners will be the top 10 Participants by the largest trading volume generated by the end of the race. The Competition Winners will be awarded as follows: 1st place: 600,000 rubles; 2nd place: 300,000 rubles. For the 3rd-10th places the amount of 2,100,000 rubles will be distributed proportionally to the trading volumes.

A special award of 300,000 rubles will be given to a Competition Participant that will have the largest trading volume in the MICEX Index Futures (MXH3).

To participate, please send us an Application via the RTS Electronic Document Circulation System or by post at the address of the MOSCOW Exchange until 17.00 MSK on February 15, 2013.

“The RTS Index is one of the main financial instruments at the Exchange with daily trading volume reaching 100 billion rubles. To make it attractive for individual investors, we set the contract’s lot at $3,000 that is one order less than similar foreign contracts have. By launching the Competition, we are seeking to boost liquidity for large investors who now prefer to buy Russian shares abroad or on the OTC market. One of our major goals is to attract additional liquidity above the liquidity level ever reached at the Exchange and to maintain existing conditions for present participants who have got used to trade in small lots. In order to obtain an in-depth analysis of the competition efficiency, we decided to include the futures on the MICEX Index, the much less liquid ruble-denominated analogue of the RTS Index, already at the initial stage. Such the approach will allow estimating the efficiency of this way for boosting liquidity for FORTS instruments”, said Roman Sulzhyk, Managing Director of the Derivatives Market at the MOSCOW Exchange.



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