Options, Futures, and Other Derivatives in Russia : An Overview

This work provides a descriptive overview of Russian markets for financialderivatives. Available figures for the exchange-traded and over-the-counter-tradedderivatives in Russia show that the Russian derivatives markets experiencedenormous growth rates since the financial crisis in 1998. Starting from a very lowlevel, turnover of exchange-traded derivatives in Russia rose from 2000 to 2006on average 168 percent per year and reached a total turnover of EUR 102 billionin 2006. Among futures, equity futures, followed by currency futures, are the mosttraded exchange-traded derivatives in Russia. Turnover of exchange-tradedderivatives on interest rates, bonds or even commodities represent only a verysmall fraction of the total turnover. Available figures for the Russian OTC foreignexchange derivatives market suggest for the period between April 2004 and 2007an annual turnover growth rate of 47 percent. Foreign exchange swaps in RURagainst USD and in USD against EUR and other currencies were the most popularOTC foreign exchange derivatives in April 2004 and 2007.