Options, futures, and other derivatives in Russia: an overview

This article provides a descriptive overview of the Russian market for financial derivatives. According to available figures, the Russian market for financial derivatives has been subject to enormous growth for the last ten years. Starting from a low level, turnover of on-exchange derivatives rose annually by an average of 120 percent between 2000 and 2009 and reached a total turnover of €336 billion in 2009. Turnover of OTC derivatives rose on average by 47 percent in the period from April 2004 to April 2007, based solely on the Russian OTC foreign exchange derivatives market data. Projected figures suggested a total turnover of €7.5 trillion in the Russian OTC derivatives market by 2007. The recent financial crisis had a clear negative impact on the market, but only when foreign currency effects are accounted for. The total turnover on major Russian exchanges expressed in RUB increased by 2 percent in 2009 compared to 2008.