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 JSE 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 |
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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 15th 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.