Russia’s Trading System RTS has launched an additional trading session on FORTS.
Photo: Borislav Kozlovsky
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RTS Received Evening Interest
Russia’s Trading System RTS has launched an additional trading session on FORTS. The turnover of the first day (from 6:00 p.m. to 11:50 p.m.) accounted for 1 percent of FORTS daily sales, and the market players doubt that the fees for regular participation in additional FORTS will pay back.
The evening trading on FORTS lasts from 6:00 p.m. MSK to 11:50 p.m. MSK with all settlements effected on the next day during the clearing session that is held at 2:00 p.m. According to the RTS representatives, the first day’s turnover equaled $19 million (447 million rubles), which is nearly 1 percent of FORTS daily sales of $2 billion (47 billion rubles). Most popular were the futures for RTS index (the turnover of 392 million rubles), Sberbank stocks (7.5 million rubles) and the stocks of LUKOIL (26 million rubles) as well as the gold (9 million rubles) and oil (5 million rubles).
The FORTS futures market is Russia’s biggest floor for derivate trading. Nowadays, FORTS trades in 64 contracts for securities, interest rates, foreign exchange, precious metal, diesel fuel, crude oil, sugar and indices. The 2007 turnover exceeded 7.5 trillion rubles (90 percent of exchange turnover on Russia’s market of futures).
The key purpose of trading after 5:45 p.m. is to enable Russia’s investors to play news from overseas, said Roman Goryunov, who chairs the RTS board. “The energy of players and turnover in the first evening session have surpassed our expectations,” Goryunov commented.
www.kommersant.com
All the Article in Russian as of May 28, 2008
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