In the spring of 2008, the RTS was launched trading in the evening section of FORTS. Despite the fact that the launch took place just over six months now at the evening session accounts for approximately 30% of the total trading volume on the futures market, which has generally increased over the current year. Although the exchange expected by 15-20%. In this case, as the chairman of the stock exchange RTS Roman Goryunov, the activity observed during the entire session - until the closing. What caused the increased interest of players to the evening auction? Keeping pace with the West in the evening session FORTS starts at 18.00 Moscow time - 15 minutes after the end of the afternoon session (during which time conducted clearing-up of the day) - and ends at 23.50. According to RTS, in the evening session, there are a number of advantages. The fact that the trades, for example, on the New York Stock Exchange opened at 17.30 Moscow time. The most significant American statistics released in 16.30 and 18.00. Results of the U.S. Federal Reserve and does normally published after 21.00. Whereas the main trading session on MICEX ends at 18.45, while the RTS - to 17.45. Thus, the earlier the domestic investors often do not have time to win back the lead from overseas. They had to follow the quotations for the western markets and the news feeds of news and wait for the morning. "The introduction of an evening trading session is fully justified itself. There is a very high interest in bidding on the part of both private investors and professional market participants and traders. The Russian market is now heavily influenced by the world's playgrounds, the participants actively use the opportunity to avoid a substantial morning gap" - says Roman Goryunov. According to RTS, most active at night FORTS was observed as the time when the U.S. went out important news. So, November 21, the night of the total trading volume amounted to about 35%. On this day, it became known that the U.S. Congress demanded that automakers General Motors, Ford Motor and Chrysler make a turnaround plan, under which they will help. As a result of evening trading in futures is also often possible to predict how to start trading the next day. "If you look at the closing price of the futures on the RTS index at midnight - it is very very different from the index values ??of 18.00 and 19.00, and rather close to the value of opening up the market" - says Roman Goryunov. In addition, through the introduction of the evening session, private investors were able to trade on the exchange, without detriment to its substantive work. Certainly not all employers prefer that their employees spend their working hours on stock trading, but still sets the trading terminal at the public computer. The Western Players can now make transactions in the Russian market in a comfortable time for yourself. We remind the Russian authorities have repeatedly talked about the intention to create in our country an international financial center. Introduction to the evening session may be considered a step forward in this direction. The biggest volume of trades at night, according to the exchange, accounts for transactions in futures and options on RTS Index futures contracts on shares of Gazprom, the gold and the dollar. In addition, the actively traded contracts on securities of companies that have depositary receipts. Transactions today - clearing tomorrow None of the domestic stock exchanges for a long time did not dare to elongation of trades, while talking about going for a long time. The more so because such a practice is in many foreign markets. However, since early 2007 Federal Financial Markets Service, by contrast, has decided to shorten the main trading session on the Russian sites for an hour. The reason for that - requests from some professional traders. They referred to the fact that because of the long trading liquidity eroded. According to this viewpoint, it is better to trade a few hours, but actively. It was also noted that back office staff to perform the necessary calculations on the basis of bidding, had delayed the work until late. However, this problem was solved. Clearing up to the evening auction conducted not by the end of the session, and only the next day during the day break, which lasts from 14.00 to 14.03. "Day trading can not be infinite - it must have a beginning and an ending. At 17.45 ends trading day today, and at 18.00 opened the trading day following the day that will last exactly day. According to this ideology, application and transaction evening session include the following trading day . Federal Financial Markets Service in the regulation stipulates that after 18.00 transactions are made with the calculations of T + 1 "- Roman Goryunov explained during one of the online conference shortly after the start of evening trading. Access for evening exchange to trade in the evening, to sign an agreement on brokerage services with a broker, accredited in the Derivatives Section Rs. According to Roman Goryunov, now all brokers who have access to FORTS, provide their customers with the ability to trade on the stock exchange in the evening. While tariffs for evening trade FORTS not differ from the commissions charged to the customer, if he trades in the afternoon. For the evening are available as trade contracts that day. Guarantee provision (GO) - a pledge that is necessary for the transaction, for night and day trading is the same. Recall the size of GO set the exchange itself, it has the same and kept the money. For example, Gazprom shares are now about 108 rubles. One futures contract provides for delivery of 100 shares (10,8 thousand rubles).. At these prices, the size of GO on the December contract (pursuant to 12 December) stood at 1,604 rubles., Which corresponds to approximately 15% of contract value. The longer the term of the contract, the higher the amount of collateral. So, GO for similar contracts with performance in December next year is already 2330 now. Or almost 22%. It should be noted that the Exchange may review the size of the GO. For example, before the long weekend to mark the holidays or due to increased volatility in the exchange market increases the size of the required software. Soon after trading in FORTS can become almost around the clock. Currently, plans Rs - starting the morning session, which could begin in six or seven o'clock in the morning. "We believe that its introduction is very timely. Bidders will be able to win back the Asian news and new features will appear in the eastern regions of the country. Technologically, we are ready. The main question - how will this affect the cost of participants. But the evening session has demonstrated its effectiveness by 100% so we seriously consider the possibility of morning trading, "- says Roman Goryunov. By the way, RTS - not the first Russian market, which extended trading on the futures market. In 2007, around the clock trading currency futures, including a couple of euro-dollar, organized stock exchange "St.-Petersburg". However, currently there is low trading volume and stock exchange Forex does not compete Interbank Forex.
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