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28.03.2014 18:50

Futures delivery transferred to T+2 market

Delivery for equity futures will be made via the T+2 market beginning in June 2014.

The last trading day for June options on equity futures will remain unchanged at 11 June, while the last trading day for equity futures will be moved to 16 June.

The settlement day for futures will be 17 June, when trades with T+2 settlement will be executed automatically (without orders being entered by participants) before the start of trading on the T+2 market for each position registered at the end of the last futures trading day. If the execution of the T+2 trades does not result in a negative single limit on the T+2 market, the blocked margin for futures will be released.

T+2 trades will be settled on 19 June (as stated in the Clearing Rules). Thus, the date of receipt will not change for participants who bought futures prior to the announcement of the new delivery mechanism and expected to receive the securities on the Standard Sector.

Eligibility for dividends appears if the participant received shares from settlement of T+2 deals before the dividend record day. The same approach is applied on the Standard Sector. Thus, the delivery migration to T+2 will not impact the dividend payment procedure for shares underlying June futures.

Settlement of options two days prior to the last trading day for equity futures will help to simplify risk management for participants and their clients' open positions, as there is no additional evening trading session on the T+2 market, and trading will be held as usual on 13 June (a public holiday in Russia).

The manner in which the last trading day will be determined for September (and further) futures is currently under discussion by the Derivatives Market Committee working groups. Relevant information will be posted on our website as it is finalised.

New versions of specifications for futures on Russian shares, securities market trading rules, and derivatives market clearing rules, which detail the delivery procedure for equity futures, are now being developed.

For further information, please contact the Derivatives market on +7 (495) 363-3232.

For further information, please contact the Public Relations Department at (495) 363-3232.

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