1Q 2018 Business Overview
Indicative Quotation System on the Derivatives Market
ADTV of the most liquid ord. shares, RUB bln
8.3
4.8
As the liquidity of derivatives'
2.1
2.2
1.5
underlying assets gradually
1.3
1.4
decreases ...
SBER
GAZR
LKOH
GMKN
ROSN
ALRS
MGNT
...the ratio of derivatives'
106%
volumes to spot trading
volumes declines rapidly
- like a gap down
Derivatives/Spot trading volumes ratio
52%
32%
=> Trading in derivatives on
-26%
Average 34%
a less liquid underlying can
garner a greater share of
this underlying's spot
volumes
14%
4%
1%
SBER
GAZR
LKOH GMKN
ROSN
ALRS
MGNT
Allows to trade illiquid contracts without freezing collateral before a
counterparty accepts a trade order
Seeks to improve liquidity in derivatives with liquid underlying assets
Launched on 23 April 2018 for options only
There are plans to introduce IQS for illiquid futures contracts
Indicative Quotation System
aims to unlock the potential of less
liquid contracts
ā
MOSCOW
EXCHANGE
Data for 2017
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