Interest in the Russian FX and FX derivatives markets has been growing recently. This was particularly clear at TradeTech FX in London, the largest annual conference dedicated to FX trading. Welcome to observe Moscow Exchange Product Guide about Currency Derivatives.

1. Currency
Derivatives
at Moscow
Exchange
Product
Guide

2. Exploring
the Russian Derivatives Market
12 years of successful development;
US $6-7bn average daily trading
volume (open interest: US $10-11bn);
87 contracts on indices, equities,
currencies, interest rates,
commodities (59 futures +
19 options);
148 clearing members;
Included in TOP-10 global derivatives
exchanges (by FIA).
FORTS – MOSCOW EXCHANGE’S DERIVATIVES MARKET
Product range
Index Derivatives Currency Derivatives
Futures on:
• RTS Index;
• MICEX Index;
• RTS Standard Index ;
• RTS Sector Indices;
• RTSVX (Volatility Index).
Futures on:
• USD/RUB Exchange Rate;
• EUR/USD Exchange Rate;
• Other currency pairs: EUR/RUB, AUD/USD, GBP/USD,
USD/JPY, USD/CHF, USD/UAH;
• Fixed Income: 2Y, 4Y, 6Y, 10Y and 15Y
federal loan bonds;
• Short–term Interest Rates: Overnight MosPrime,
3M MosPrime , RUONIA.
Options on:
• RTS Index;
• MICEX Index.
Options on:
• USD/RUB;
• EUR/USD;
• EUR/RUB.
Equity Derivatives Commodity Derivatives
Futures on:
• Sberbank ordinary shares;
• Gazprom ordinary shares;
• Lukoil ordinary shares;
• and 11 other most liquid
stocks.
Futures on:
• Gold;
• Brent oil;
• Gas oil (physical delivery), Urals oil;
• Precious metals: Silver, Platinum and Palladium;
• Power Price Index;
• Sugar;
• Wheat;
• Copper.
Options on:
• 12 most liquid stocks.
Options on:
• Gold, Silver, Platinum, Brent oil.
Indices
56.7%
Currency
31.6%
Stock
7.2%
Commodity
4.1%
Bonds
0,4%
Market structure
Trading Volumes by groups, USD

3. 3
Advantages of currency derivatives
High liquidity
Trading in USD/RUB futures on FORTS
started in December 2002, and the contract
has become a key instrument on the
derivatives market.
Reliability and guarantees (CCP guarantees; funds).
Standard terms (according to specifications).
Available to a spectrum of clients: global investment banks, institutional investors,
domestic brokers, individuals.
The Futures Industry Association (FIA)
included USD/RUB Futures and EUR/USD
Futures in top-10 most actively traded
derivatives worldwide:
non-
residents
38%
legal entities
25%
individual
37%
asset
management
1%
non-
residents
18%
legal entities
57%
individual
18%
asset
management
7%
USD/RUB Futures Trading volume by client type USD/RUB Futures open interest by client type

4. 4
How does it work
Trading hours Moscow New York London Hong Kong
10:00–14:00 trading
14:00–14:03 clearing
14:03–18:45 trading
18:45–19:00 clearing
19:00–23:50 trading
New York, London summer time
10AM
2AM
7AM
2PM
Convenience:
Sponsored DMA access available for all levels of participation
Advanced in-house technologies used for clearing and trading
Almost 24-hour trading (main and additional evening trading session)
Cost efficiency
3.5-5% of the contract’s value (collateral) instead of the full amount;
Collateral accepted in Russian rubles, US dollars, and securities.
Order-book for USD/RUB Futures (Si):
Over USD1.5 bn daily
liquidity
Great MM
opportunities
Calendar spreads in
USD/RUB futures
available from June, 5

5. 5
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
0
500
1,000
1,500
2,000
2,500
Feb.2009
Apr.2009
Jun.2009
Aug.2009
Oct.2009
Dec.2009
Feb.2010
Apr.2010
Jun.2010
Aug.2010
Oct.2010
Dec.2010
Feb.2011
Apr.2011
Jun.2011
Aug.2011
Oct.2011
Dec.2011
Feb.2012
Apr.2012
Jun.2012
Aug.2012
Oct.2012
Dec.2012
Feb.2013
Apr.2013
Jun.2013
Aug.2013
Open Interest,
bn USD
Trading Volume,
bn USD
Average Daily Trading Volume Open Interest, end of month
Products
in focus
USD/RUB Futures
Underlying asset USD/RUB currency rate
Lot US$1,000
Settlement Cash-settlement
Expiration day The 15th of the corresponding expiration month of the expiration year
Maturity 3 and 6 months
Tick size RUB1
Tick value RUB1
Initial margin 3.5% of the contract value
USD/RUB Codes Moscow Exchange – Si, Bloomberg – URA, Reuters – SIRTSc1
Average Daily Trading Volume and Open Interest for USD/RUB Futures (USD)

6. 6
EUR/USD and EUR/RUB Futures
Underlying assets EUR/USD; EUR/RUB currency rates
Lot €1,000 / €1,000
Settlement Cash-settlement
Expiration day The 15th of the corresponding expiration month of the expiration year
Maturity 3 and 6 month
Tick size USD0.0001/RUB1
Tick value USD0.1/RUB1
Initial margin 3.5% of the contract value
EUR/USD Codes Moscow Exchange – ED, Bloomberg – REDA, Reuters – EDRTSc1
EUR/RUB Codes Moscow Exchange – Eu, Bloomberg – RERA, Reuters – EURTSc1
USD/JPY and USD/CHF Futures
Underlying asset USD/JPY аnd USD/CHF currency rate
Lot USD1,000
Settlement Cash-settlement
Expiration day The 15th of the corresponding expiration month of the expiration year
Maturity 3 and 6 months
Tick size JPY0.01; CHF0.0001
Tick value JPY10
Initial Margin 4% of the contract value
USD/JPY Codes Moscow Exchange – UJPY Bloomberg – JPPA Reuters – JPRTSc1
USD/CHF Codes Moscow Exchange – UCHF Bloomberg – CFLA Reuters – CFRTSc1
GBP/USD and AUD/USD Futures
Underlying assets GBP/USD; AUD/USD currency rates
Lot £1,000 / AU$1,000
Settlement Cash-settlement
Expiration day The 15th of the corresponding expiration month of the expiration year
Maturity 3 and 6 months
Tick size USD0.0001
Tick value USD0.1
Initial margin 3.5% – for GBP/USD, Futures and 5% – for AUD/USD Futures
GBP/USD Codes Moscow Exchange – GBPU, Bloomberg – XUPA, Reuters – GURTSc1
AUD/USD Codes Moscow Exchange – AUDU, Bloomberg – XAPA, Reuters – AURTSc1

7. USD/UAH Futures
Underlying asset USD/UAH currency rate
Lot USD1,000
Settlement Cash-settlement
Expiration day The 15th of the corresponding expiration month of the expiration year
Maturity 3 and 6 months
Tick size UAH0.005
Tick value UAH5
Initial Margin 15% of the contract value
USD/UAH Codes Moscow Exchange – UUAH Bloomberg – UDTA Reuters – UURTSc1
Easy steps to get an access to the market
Step 1
See the list of existing FORTS Members
(http://www.rts.ru/en/forts/members.html)
Step 2
Open account with one of the brokers from the list
Step 3
Test your system with the Exchange Test Environment
Step 4
Complete your connectivity process
Step 5
Switch into production
How to get started
Russian regulations prevent foreign entities
from becoming FORTS market Clearing
Members; such entities have two ways of
accessing the market:
Become a client of an existing FORTS
Member;
Create a subsidiary in Russia that applies to
become a FORTS Clearing Member.
For details on how to apply for FORTS Clearing Membership, please visit:
http://rts.micex.ru/a522
7

8. CONTACTS
Moscow, Russia
Irina Bukharina
Head of Money Market
Business Development
Derivatives Division
T +7 (495) 363-32-32 ext. 26062
E irina.bukharina@moex.com
Disclaimer
This presentation has been prepared and issued by Open Joint Stock Company «Moscow Exchange MICEX-RTS» (the “Company”). Unless otherwise stated,
the Company is the source for all data contained in this document. Such data is provided as at the date of this document and is subject to change without notice.
This document does not constitute or form part of, and should not be construed as, an offer or invitation for the sale or subscription of, or a solicitation of any offer
to buy or subscribe for, any securities, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any offer, contract,
commitment or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the Company.
The information in this document has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should
be placed on, the fairness, accuracy or completeness of the information or opinions contained herein. None of the Company, or any of its subsidiaries or affiliates or
any of such person’s directors, officers or employees, advisers or other representatives, accepts any liability whatsoever (whether in negligence or otherwise) arising,
directly or indirectly, from the use of this document or otherwise arising in connection therewith.
This presentation includes forward-looking statements. All statements other than statements of historical fact included in this presentation, including, without
limitation, those regarding our financial position, business strategy, management plans and objectives for future operations are forward-looking statements. These
forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance, achievements or
industry results to be materially different from those expressed or implied by these forward-looking statements. These forward-looking statements are based on
numerous assumptions regarding our present and future business strategies and the environment in which we expect to operate in the future. Important factors
that could cause our actual results, performance, achievements or industry results to differ materially from those in the forward-looking statements include, among
other factors:
• perception of market services offered by the Company and its subsidiaries;
• volatility (a) of the Russian economy and the securities market and (b) sectors with a high level of competition that the Company and its subsidiaries operate;
• changes in (a) domestic and international legislation and tax regulation and (b) state policies related to financial markets and securities markets;
• competition increase from new players on the Russian market;
• the ability to keep pace with rapid changes in science and technology environment, including the ability to use advanced features that are popular with the
Company’s and its subsidiaries’ customers;
• the ability to maintain continuity of the process of introduction of new competitive products and services, while keeping the competitiveness;
• the ability to attract new customers on the domestic market and in foreign jurisdictions;
• the ability to increase the offer of products in foreign jurisdictions.
Forward-looking statements speak only as of the date of this presentation and we expressly disclaim any obligation or undertaking to release any update of, or
revisions to, any forward-looking statements in this presentation as a result of any change in our expectations or any change in events, conditions or circumstances
on which these forward-looking statements are based.
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