Moscow Exchange to launch mini MICEX Index futures
On 17 August 2015, Moscow Exchange will launch "mini" MICEX Index futures with a smaller contract size and low initial margin requirements. The contract will trade under the ticker MXI.
The contract"s price equals the MICEX Index value. The tick size is 0.05 Index points; the tick value is RUB 50 kopecks. The Exchange will charge 30 kopecks per contract.
The Exchange will offer futures with settlement in December 2015 and March 2016, as well as options on the futures expiring in October, November and December 2015 and January, February and March 2016.
"The new contract is designed to meet the needs of a wide range of private investors implementing rouble strategies on the equity market who seek to avoid foreign exchange risk. The small tick size will also be valuable to algorithmic traders, which became significantly less active following the doubling of the tick size for RTS Index futures", said Kirill Pestov, Derivatives Market Managing Director.
ALOR+, IT Invest, BCS and Best Efforts Bank will act as market makers for the futures. They will provide liquidity in the main and additional sessions for 400 and 200 contracts, respectively. Market makers for the options contract will operate from 15 September 2015.
The bigger sized MICEX Index futures currently available on the Exchange (ticker: MIX) will continue to trade until June 2016. The contract will be removed after the date. Market makers" quotes are available for this contract until 15 September inclusive, without any changes in market making conditions. Detailed information on market making for the contracts is available on the Exchange"s website.
For further information, please contact the Public Relations Department at (495) 363-3232.