BRICS exchanges alliance

BRICS Exchanges alliance is a joint initiative of emerging markets to expose foreign investors to their dynamic economies and to increase the liquidity of their trading venues.

The initiative brings together the BM&FBOVESPA from Brazil, Moscow Exchange from Russia, the BSE Ltd (formerly known as Bombay Stock Exchange) from India, Hong Kong Exchanges and Clearing Limited (HKEx), as the initial China representative, and the J SE Limited (Johannesburg Stock Exchange) from South Africa.

The mission of the alliance is to give global investors an easy access to major equity index derivatives of the BRICS markets thus giving them an opportunity to diversify their portfolios.

The first stage of the BRICS Exchanges' cooperation is cross-listing of benchmark equity index derivatives, which is meant to facilitate liquidity growth in the BRICS markets and considerably strengthen the international position of the BRICS alliance in the global economy.

The cross-listed derivatives include:

Brazil's IBOVESPA futures;
Russia's MICEX Index futures;
India's S&P BSE SENSEX Index futures;
Hong Kong's Hang Seng Index futures and Hang Seng China Enterprises Index futures; and
South Africa's FTSE/JSE Top40 futures.

At the second stage of the project members of the alliance plan to jointly develop new products for cross-listing on their exchanges. The third stage may include further cooperation in joint products design and new services development.

Please see more information about the project here:

BRICSmart - your gateway to leading developing market products (pdf, 968 Kb)
BRICSmart – Contracts Specifications (pdf, 332 Kb)

Moscow Exchange's BRICS Contract Specifications

Futures Contract	IBOVESPA Futures	S&P BSE SENSEX Index Futures	Hang Seng Index Futures	FTSE/JSE Top40 Futures
Underlying Asset	IBOVESPA	S&P BSE SENSEX Index	Hang Seng Index	FTSE/JSE Top40 Index
Contract Code	IBVS	SNSX	HSIF	ALSI
Bloomberg Code	MIBA Index	XMSA Index	MHIA Index	MZWA Index
Thomson Reuters Code	1BRTSc1	2BRTSc1	3BRTSc1	4BRTSc1
Settlement	Cash-settled	Cash-settled	Cash-settled	Cash-settled
Lot	1	1	1	1
Tick Size	5 Index points	5 Index points	5 Index points	5 Index points
Tick Value	0,25 USD	0,5 USD	0,5 USD	0,5 USD
Settlement months	At least 2 maturities should be traded (February, April, June, August, October, December)	At least 2 maturities should be traded (January, February, March, April, May, June, July, August, September, October, November, December)	At least 2 maturities should be traded (January, February, March, April, May, June, July, August, September, October, November, December)	At least 2 maturities should be traded (March, June, September, December)
Trading Hours	10:00 - 18:45 MSK – main trading session 19:00 – 23:50 MSK – evening additional trading session 2 clearing sessions: 14:00-14:03 -intraday clearing session 18:45-19:00 - evening clearing session
Last trading Day	The day following the Last Trading Day determined by the BM&FBOVESPA S.A. – BOLSA DE VALORES, MERCADORIAS E FUTUROS (i.e. Usually the Wednesday closest to the 15^th calendar day of the Contract Month) If it is not a Russian Business Day, the Last Trading Day shall be the immediately following Russian Business Day	The Last Trading Day determined by the BSE Limited (i.e. Usually the Last Thursday of the Contract Month) If it is not a Russian Business Day, the Last Trading Day shall be the immediately following Russian Business Day	The Last Trading Day determined by the HKFE (i.e. Usually the Business Day immediately preceding the last Business Day of the Contract Month) If it is not a Russian Business Day, the Last Trading Day shall be the immediately following Russian Business Day	The Last Trading Day determined by the JSE (i.e. Usually the Third Thursday of the Contract Month) If it is not a Russian Business Day, the Last Trading Day shall be the immediately following Russian Business Day
Final Settlement Price	The Final Settlement Price for IBOVESPA Futures Contracts shall be a whole number, determined by the MICEX-RTS and shall be the Final Settlement Price of the IBOVESPA futures at the BM&FBOVESPA S.A. – BOLSA DE VALORES, MERCADORIAS E FUTUROS	The Final Settlement Price for S&P BSE SENSEX Index Futures Contracts shall be a whole number, determined by the MICEX-RTS and shall be the final settlement price of the S&P BSE SENSEX Index futures at the BSE Limited	The Final Settlement Price for Hang Seng Index Futures Contracts shall be a whole number, determined by the MICEX-RTS and shall be the final settlement price of the Hang Seng Index Futures at the HKFE	The Final Settlement Price for FTSE/JSE Top40 Futures Contracts shall be a whole number, determined by the MICEX-RTS and shall be the final settlement price of the FTSE/JSE Top40 Futures at the JSE
Customer Fees	To buy or sell contract: 4 RUB Scalper trade: 2 RUB Registration of bilateral (off-system) trade: 4 RUB Clearing fee/settlement arrangement: 4 RUB

Specifications for the futures contract on the BOVESPA Index
Specifications for the futures contract on the S&P BSE SENSEX Index
Specifications for the futures contract on the Hang Seng Index
Specifications for the futures contract on the FTSE/JSE Top40 Index

The dates of execution for the futures contracts

BOVESPA Index Futures	S&P BSE SENSEX Index Futures	Hang Seng Index Futures	FTSE/JSE Top40 Index Futures
	26 November 2015	27 November 2015
17 December 2015	31 December 2015	30 December 2015	17 December 2015
	28 January 2016	28 January 2016
18 February 2016	25 February 2016	26 February 2016
	31 March 2016	30 March 2016	17 March 2016
14 April 2016	28 April 2016	28 April 2016
	26 May 2016	30 May 2016
16 June 2016	30 June 2016	29 June 2016	16 June 2016
	28 July 2016	28 July 2016
18 August 2016	25 August 2016	30 August 2016
	29 September 2016	29 September 2016	15 September 2016
13 October 2016	27 October 2016	28 October 2016
	24 November 2016	29 November 2016
15 December 2016	29 December 2016	29 December 2016	15 December 2016

Disclaimer: This information is intended to provide general information regarding the BRICSMART products, and is not intended to, nor does it, constitute investment or other professional advice. It is prudent to consult professional advisers before making any investment decision or taking any action which might affect your personal finances or business. The BRICS members constituting BM&FBovespa S.A; BSE Limited; Hong Kong Exchanges and Clearing Limited; Hong Kong Futures Exchange Limited; JSE Limited and Open Joint Stock Company "Moscow Exchange MICEX-RTS" ("BRICS members") do not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the accuracy or reliability of any advice, opinion, statement, or other data and information contained in, displayed on, linked to or distributed through this website. Your interaction, correspondence or business dealings with third parties which are referred to on this website is entirely at your own risk and are solely between you and such third party. You are solely responsible for identifying and familiarising yourself with any terms and conditions which will govern your relationship with such third party. All intellectual property rights in the index values and constituent list in the BRICSMART products vest in the BRICS members who have obtained licence to use such intellectual property rights in the creation of the BRICSMART products.The BRICS members, their officers, employees and agents shall not be liable (including in negligence) for any loss or damage of any kind or nature arising from the use of or reliance on information provided here.

BM&FBovespa S.A; BSE; Hong Kong Exchanges and Clearing; Hong Kong Futures Exchange; FTSE; JSE; Open Joint Stock Company "Moscow Exchange MICEX-RTS"; IBovespa; Hang Seng Index; FTSE/JSE Top40 Index and and MICEX Index word marks and logos are registered trademarks, used under license.