Results of the Competition Clash of Titans, February May 2013
Goals and objectives of the Competition Clash of Titans Goal: to improve the quality of the order book for derivative instruments. Objectives: o to increase the number of large trades o to increase average trade volume o to decrease slippage for large orders o to boost trading volumes through book orders rather than through direct trades and OTC 2
Requirements for the Competition Clash of Titans, February May 2013 1. To determine the result will be considered the indirect trades executed based on large passive orders. 2. The Competition Winners will be the top 10 Participants by the max trading volume reached in a specific category. 3. The Competition held on the monthly basis. 3
The Competition Clash of Titans, February May 2013 4. Derivative instruments in competition: Category Equity Index futures Instrument Nearby and the most distant RTS Index futures contract February March RIH3, RIM3, RIU3 April May RIM3, RIU3 Minimum order size, contracts Nearby MICEX Index futures contract MXH3, MXM3 MXM3 100 100 Sberbank ordinary shares futures contract SRM3 500 Gazprom ordinary shares futures contract GZM3 400 LUKOIL ordinary shares futures contract LKM3 200 Equity futures MICEX Index futures VTB Bank ordinary shares futures contract VBM3 300 Rosneft ordinary shares futures contract RNM3 50 MMK NORILSK NICKEL ordinary shares futures contract Sberbank preferred shares futures contract GMM3 30 SPM3 200 Nearby MICEX Index futures contract MXH3, MXM3 MXM3 100 4
Terms of the Competition in February May 2013 5. According to the instruments indicated in the category Equity futures, the following trading volumes will be applied: for Sberbank ordinary shares futures contract - no more than 40% of the total trading volume; for Gazprom ordinary shares futures contract no more than 30% of the total trading volume; for LUKOIL ordinary shares futures contract - no more than 30% of the total trading volume. 5
Terms of the Competition in February May 2013 6. Money prize: Place Main category Additional category Equity Index futures" Equity futures" MICEX Index futures" 1 st place RUB 600,000 RUB 400,000 RUB 300,000 2 nd place RUB 300,000 RUB 200,000 Money prize is distributed among winners proportionally to their trading volumes: 1-10 places RUB 2,100,000 RUB 1,400,000 6
February May results of The Competition Clash of Titans Equity Index Futures (February May 2013) 1) Monthly average turnover of Equity Index Futures 116 bln RUB. Maximum results were in March, where turnover of these instruments reached 165 bln RUB, that matches 6,5% of total turnover of Equity Index Futures, while this value of RTS Index future was 10%, MICEX Index future 47%. 2) Comparing to last year volume of average trade size of RTS and MICEX Index Futures increased by 34% and 33%, respectively. 3) Slippage for large orders (from 100 lots and more) decreased at 16% in average calculation, in February and March this volume reached 32%. 4) Comparing to the period before the Competition the number of large trades of RTS Index futures is 4 times higher, MICEX Index Futures 25 times. 5) Number of participants more than 40. 7
February May results of The Competition Clash of Titans Table 1. The number of large trades on RTS Index Futures Number of trades per two months prior to the launch of competitions (average number of contracts per a week) 0-15 contracts in a trade 25-35 contracts in a trade 40-60 contracts in a trade 90-110 contracts in a trade 1,545,977 6,919 3,551 528,00 Month 0-40 contracts in a trade Changes vs 2 months prior to the Completion 45-65 contracts in a trade 90-110 contracts in a trade February 2013-12,77% 53,29% 170,97% March 2013-3,08% 99,42% 380,69% April 2013 17,64% 11,79% 371,71% May 2013-4,81% 67,70% 217,84% 8
Trade volume February May results of The Competition Clash of Titans The average trade volume of RTS Index futures, contracts Before competition Duaring Competition 3,9 3,7 3,5 3,3 3,1 2,9 2,7 Average trade volume in 2012 2,5 2,3 9
February May results of The Competition Clash of Titans Equity futures (April - May 2013) 1) Monthly average turnover of Equity Futures was 5 bln RUB. Maximum results were in May, where turnover of these instruments reached 7 bln RUB, that matches 2,2% of total turnover of Equity Futures. 2) Comparing to last year volume of average trade size of Equity Futures increased by 40%. 3) Number of participants more than 40. 10
CONTACTS Ekaterina Zakharova, +7 (495) 363 32-32, ext. 26085 Nikolay Trunichkin, +7 (495) 363 32-32, ext. 26071 E-mail: fortsmm@moex.com 11
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