The BRICS Securities and Derivatives Markets - Hong Kong ...
The BRICS Securities and Derivatives Markets - Hong Kong ...
The BRICS Securities and Derivatives Markets - Hong Kong ...
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
<strong>The</strong> <strong>BRICS</strong> <strong>Securities</strong> <strong>and</strong> <strong>Derivatives</strong> <strong>Markets</strong>Trading volume of securities, bonds <strong>and</strong> currencies on MICEX (2011)Figure 3-2. Trading volume of securities, bonds <strong>and</strong> currencies on MICEX (2011)Stocks, investmentfunds <strong>and</strong> RDRs9%Currency49%Bond repos22%Stock repos17%Bonds3%Total: US$5,909 billionSource: Moscow Exchange3.4 Financial derivatives market<strong>Derivatives</strong> products of Moscow Exchange are traded on FORTS <strong>and</strong> MICEX <strong>Derivatives</strong>.FORTS (abbreviation for “Futures <strong>and</strong> Options on RTS”) is the main derivatives market ofMoscow Exchange in terms of volume (99% of the total in 2011). Products on FORTS arefutures on shares (including RDRs), stock indices, bonds, currencies, interest rates <strong>and</strong>commodities, <strong>and</strong> options on futures (except interest rates). MICEX <strong>Derivatives</strong> offersfinancial futures on currencies, interest rates, a stock index (MICEX Index) <strong>and</strong> Russianstocks with fewer contract types than FORTS.Figure 3-3 shows that financial derivatives are the dominant products on Moscow Exchange’sderivatives market in terms of both trading volume <strong>and</strong> open interest. In 2011, index futures,stock futures <strong>and</strong> forex futures are the most actively traded products, contributing 35%, 33%<strong>and</strong> 24% of the total derivatives trading volume respectively.Commodity F&O*4%Forex options0.1%Stock options0.8%Index options3%Interest rate futures0.7%Source: Moscow ExchangeFigure 3-3. <strong>Derivatives</strong> trading volume <strong>and</strong> open interest by product typeon Moscow Exchange (2011)MICEX-RTS derivatives trading volume by product type (2011)(a) Trading volumeForex futures24%Index futures35%Stock futures33%Forex options2%Stock options2%Index options7%Interest rate futures5%MICEX-RTS derivatives open interest by product type (2011)Commodity F&O*3%(b) Open interestIndex futures12%Forex futures45%Stock futures23%Total no. of contracts: 1,099 millionTotal no. of contracts: 3.2 million* Agricultural products, energy <strong>and</strong> metalsNote: Numbers do not add up to 100% due to roundingSource: FIA* Agricultural products, energy <strong>and</strong> metalsNote: Numbers do not add up to 100% due to roundingSource: Futures Industry Association (FIA)* Agricultural products, energy <strong>and</strong> metalsNote: Numbers do not add up to 100% due to roundingSource: Futures Industry Association (FIA)- 11 - Research & Corporate Development, HKEx31 December 2012
Change language