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Technology in Focus in This Issue Monthly Issue 10/2012 October 2012 YOUR GUIDE TO THE RUSSIAN STOCK AND DERIVATIVES MARKET Technology in Focus In this Issue: Valuable information for Moscow Exchange presented its new Spectra trading platform • The latest news from the Russian market On September 14, 2012 Moscow Spectra required major architecture • Market data for September Exchange announced the launch re-design to streamline future 2012 of its new trading platform Spectra development and enhancements. to power FORTS and Standard One of the key requirements to • Moscow Exchange markets in 2012. develop Spectra was full back International projects Spectra is the first major software compatibility with the existing • Professional opinion of market solution released after MICEX solutions used by brokers and specialists and RTS merged in December their clients. The new architecture of 2011. The development team based on a modular approach incorporated the experience of with segregated trading and the trading and clearing systems’ the past ten years and addressed clearing modules will also simplify peak throughput to 30,000 technological shortcomings and the launch of new products. The transactions per second equalizing limitations of legacy FORTS launch of Spectra for the FORTS the parameters across all markets trading system. Development of and Standard markets will increase of the Moscow Exchange. The Moscow Exchange also recently announced plans to further upgrade its trading technology by building a next generation cross-asset high performance trading platform to go live in early 2015. Spectra launch alongside with the major upgrades to the Moscow Exchange’s Equities and FX technology in late 2011 create a strong foundation to build upon in the coming years as the Moscow Exchange Group implements its strategy to upgrade trading, clearing and post trade infrastructure and harmonizing it with the international standards and making the Russian market more attractive both to local and overseas investors. NEWS IN BRIEF... SPECTRA – delivering the New trading record in Unified index family of the performance that clients expect Moscow Exchange Moscow Exchange is coming Read the interview with Sergey For more information please on Zamolotskikh, Managing visit the website For more information please Director, Technological Projects visit the website Development at the Moscow Exchange, on page 16 1 Moscow Exchange Group | Tel +7 (495) 363 32 32 | E-mail: [email protected] Corporate News Resolution of extraordinary general meeting of Moscow Exchange An extraordinary general meeting The increase was approved by a private placement in favour of of shareholders of the Moscow 99.43% of the shareholders “MICEX-Finance” LLC. Exchange made a decision to The offering price for the one presented at the meeting. increase the authorized share additional share to be proposed capital of the company by Ballots of 0.57% of shareholders to investors including those ones placing additional registered participated at the meeting were who have pre-emptive rights to buy uncertificated ordinary shares accepted to be invalid. will be determined by the Board of of OJSC “Moscow Exchange The additional shares will be issued Directors of the Moscow Exchange MICEX-RTS” in the amount of 200 within the framework of technical after the state registration of the million of nominal value RUB1 arrangements needed to prepare additional issue and before the each. Total nominal value of the the Moscow Exchange to an IPO. effective date of the pre-emptive issue is RUB200 million. The shares will be offered through rights. Changes at the top management level of the Moscow Exchange Starting from September 25, already showing results. The top merger of the two major Russian 2012 Ruben Aganbegyan resigns management of the Exchange exchanges, MICEX and RTS. his position of President of the is very strong and I am positive Aleksander Afanasiev, CEO at the Exchange and goes to another that all the forthcoming projects, Moscow Exchange, commented: company. like IPO, will be successfully “Ruben is a talented financial Ruben Aganbegyan comments: realized.” professional; he pulled off the “I got a very good job proposal Ruben Aganbegyan worked at the merger and, undoubtedly, can and accepted it. I’m staying in Moscow Exchange from 2010 and easily manage other large-scale the market but will assume a under his management a number projects of any difficulty level. new role now and will be happy of key projects of the Exchange We thank him for his work and to cooperate with the Moscow and the Russian financial market are certain that we continue our Exchange. The processes that in general were realized, the cooperation in the future. I rolled out at the Exchange are most prominent of them being a FORTS celebrated 11 years Eleven years ago, on September competitiveness of the Russian established a single domestic 19, 2001, trading on FORTS, the exchange infrastructure on the market for derivatives financial futures and options market of the international stage. instruments combining best Moscow Exchange, commenced. The RTS Index futures contract products and technologies of Over this period the range of launched in 2005 has become not these two venues. At the moment derivative contracts traded on only the most liquid instrument the Moscow Exchange Derivatives the market expanded many of the domestic stock market, market is ranked 9th out of fold. State-of-the-art exchange but has entered the list of world’s global leading derivatives trading technologies allowing trading on leading index futures in terms of venues. the market during 14 hours a day trading volume. In September The Moscow Exchange would were implemented that gave the 2012 the integration between like to thank all those who market participants an opportunity the FORTS Derivatives market established and developed the to coordinate their operations and MICEX Derivatives market market, and work actively on it with a situation in global financial competed. For less than one now and congratulates the FORTS centers as well as ensure year Moscow Exchange has members on the market’s birthday. 2 Moscow Exchange Group | Tel +7 (495) 363 32 32 | E-mail: [email protected] News 20.09.2012 NCC receives JP Morgan Quality Recognition Award J. P. Morgan Chase Bank N. A. its achievements NCC received professionalism that allowed the recognized CJSC JSCB National MT 202 Elite Quality Recognition clearing bank to meet high criteria Clearing Centre (NCC) of the Award established by J. P. Morgan. set for the award winners. It was Moscow Exchange Group as one According to a letter of underscored in the letter that less of the best world agencies for US congratulations send by than one per cent of J. P. Morgan dollar settlement performed via the J. P. Morgan to NCC, the award clients worldwide meet such NCC»s correspondent account in means the acknowledgement criteria. J. P. Morgan Chase Bank N. A. For of NCC employees’ high 17.09.2012 Integration of the FORTS and MICEX Derivatives markets completed On September 17, 2012 the last the team of talented employees the most liquid contracts on the contract, the US dollar futures, that is developing the united market); ceased trading on the MICEX market actively now», said Roman • application of successful Derivatives market. Thereby, a Sulzhik, Managing Director of the experience of launching futures consolidation of two derivatives Derivatives Market at Moscow on the RUONIA rate (this futures markets, FORTS and MICEX, has Exchange. is planned to be introduced till been completed. In the course of the integration the end of the year). The consolidation process was process some effective business • At the moment the Moscow launched in December 2011. solutions were added to the Exchange Derivatives market is For less than one year Moscow FORTS, the futures and options ranked 9th out of global leading Exchange has established a single market of Moscow Exchange, due derivatives trading venues. domestic market for derivatives to the MICEX Derivatives market: The futures contract on the financial instruments combining • launch of the MICEX Index RTS Index is the most liquid best products and technologies of futures contract on FORTS; instrument of the Russian stock these two venues. • optimization of settlement market and it enters the top 10 «The major contribution made by procedure for the USD/RUB FX most liquid stock derivatives the MICEX market to the Moscow futures (the contract is among worldwide. Exchange Derivatives market is 14.09.2012 Standard sector switches to another settlement depository Starting f rom September 3, National Settlement Depository settlement of trades executed 2012 CJSC Depository Clearing (NSD) has become the single in the Standard sector using Company (DCC) stopped settlement depository for the trading sections typed «Blocked settlement of trades executed Standard sector and FORTS for clearing. RTS Standard» in the Standard sector as well Derivatives market. The move and in July 2012 it commenced as ceased accepting securities has been implemented within accepting securities as collateral posted as collateral for trades in the framework of the integration using sections typed «Blocked for the Standard sector and FORTS between NSD and DCC. clearing. FORTS». Derivatives market. Thereby In May 2012 NSD started securities 13.09.2012 Moscow Exchange enlarges membership of the FX market The FX market Committee advised able to trade on the FX market the project for introduction of the the Board of Directors of Moscow provided that they meet the 2-tier access to the market was Exchange to approve amendments requirements set forth in the Rules. launched and has been actively to the Rules of admission to As a result, Moscow Exchange developing up to now. trading on the FX market. The takes one more step towards amendments imply that companies an expansion of the FX market without banking licences will be participant base. In February 2012 3 Moscow Exchange Group | Tel +7 (495) 363 32 32 | E-mail: [email protected] The MICEX Index Monthly Wrap–Up: September 2012 Pic 1 MICEX Index Dynamics In September 2012 the Russian Constituents volume*, bln.
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