The situation in the future market
In the end of past and some future trading platforms began to experience the difficulties connected both with falling of turns of the market, and with impossibility in the beginning of this year in some cases in due time to pay off with settlement broker firms. The management of the Moscow stock exchange has faced such problem (were MTB), in particular. It directly has infringed on interests both settlement firms, and their clients which means have appeared, as a matter of fact, frozen. The exchange management, however, expresses confidence that available problems eventually will be successfully resolved, and the platform can pay off with the participants completely. However the future market as a whole hardly can return in the near future to a habitual condition, and its participants should work in absolutely new conditions.
the policy of rigid financial stabilisation Spent by the Russian government (first of all introduction and prolongation of a currency corridor) should affect a condition of the market of urgent currency contracts. By the end of last year the exchange future market after currency the spot - the market has lost the status of the most profitable segment of the financial market and became hardly probable not most nizkodohodnym. Profitableness of future contracts seldom exceeds recently 20 % annual. Certainly, it is impossible to shift blame for such development of a situation only on the government and the Central bank. In a greater degree in it the participants of the market not ready to work in changed conditions, and also a management of trading platforms which with some lateness has come to a conclusion about necessity of change of existing forms of activity are guilty. To work in the future market in the old manner today already it is impossible. For example, simple hedging of course risks at least on the nearest half a year has lost any meaning, as the Central Bank and the government already and so all zahedzhirovali. After from the market have left large hedzhery, without a habitual piece of bread there were also small speculators, first of all so-called “ skalpery “ getting profit on short-term gamble within one trading day. When the quoted price of contracts does not change frequently during several sessions, to this category of participants does not remain places in the market. And it is fraught with the extremely unpleasant consequences for trading platforms as liquidity of the market is provided at the expense of presence on it of a considerable quantity of small speculators.
Besides, stock exchanges have also own problems. The situation which has developed in the end of the past - the beginning of this year at the Moscow stock exchange is characteristic. This history, as a matter of fact, has begun even in the autumn when the stock exchange had the difficulties connected with payment of bills of the First professional bank and Gloria - bank which traditionally were accepted by clearing house MTB as mortgaging means. Then the management of clearing house MTB has precipitately given out to bank “ the National credit “ and to Mytishchinsky commercial bank credits to return which it was not possible and to this day. When settlement firms MTB and their clients began to withdraw the means (besides falling of profitableness of operations it speaks also the traditional factor of the end of fiscal year) from a stock exchange, the stock exchange management has been compelled to recognise impossibility to pay off with all participants. It, certainly, did not promote increase of appeal of operations on this platform.
however despite difficulties endured by a stock exchange, there are hopes that the situation will manage to be changed to the best. In particular, management MTB carries on now negotiations with friendly banks for granting of the stabilisation credit, and also finishes work on settlement of financial obligations of a stock exchange and reduction of the expenses connected with functioning of a trading platform.
as a whole the future market, undoubtedly, remains to one of the basic segments of the financial market, - the role of urgent contracts for normal functioning of monetary sector of economy is too important. Another matter that for this purpose he should endure a number of qualitative changes. It, by the way, confirm as direct participants of the market - brokers of banks and settlement firms, and heads of trading platforms. By their estimations, in the further development of the market of futures the leading role will be played not by growth of number of participants and addressing money resources, and increase in quantity of used tools.
It illustrates experience of the Exchange chamber MTSFB which has begun in last year trade by future contracts on the state securities. As a result today, when the market of urgent contracts on state credit obligations is developed enough, many participants have received real possibility in parallel to operate with different tools, and at a stock exchange signs of growth of turns and on " were outlined; old “ currency futures. Besides, participants of the market can build now the game policy on pair use of futures for dollar and state credit obligations that opens much more ample opportunities both for purely speculative operations, and for hedging of course risks on different segments of the market. Necessity to expand a spectrum of used tools management MTB - in the nearest plans of a stock exchange has realised also start new future and optsionnyh contracts. So a situation, when under the term “ the future “ The urgent contract on purchase or currency sale, seemingly, for ever is meant only leaves in the past.
VYACHESLAV - SIROTKIN