May 17, 2021 - On 25 May 2021, the Moscow Exchange Derivatives Market will start trading in cash-settled futures contracts on an index tracking the US equity market. The contract code is SPYF.
The underlying asset of the new futures contract is shares of the SPDR S&P 500 ETF Trust, the world's largest ETF. The fund tracks the S&P 500 Index. The total net asset value (NAV) of the fund is USD 358 billion. The fund's basket includes shares of the 505 largest U.S. companies by market capitalisation.
The new contract will allow Russian institutional and individual investors to implement:
- Short and medium-term investment strategies in relation to the US equity market,
- Arbitrage strategies across different US index contracts,
- An option to hedge portfolios of US stocks also available on MOEX’s Equity Market.
The contract will be quoted in US Dollars; trades will be executed and settled in Russian roubles. The contract size will equal the price of one share of the SPDR S&P500 ETF Trust. Four contract series will be available simultaneously. The contract will be settled at the NYSE closing price of the underlying asset.
The Moscow Exchange Derivatives Market currently offers 79 futures contracts and 46 options. Underlying assets include equity indices, Russian and international stocks, currency pairs, precious and industrial metals, oil, gas and other commodities, as well as interest rates. In 2020, the market's trading volume grew by 57.7% YoY to RUB 129.9 trln.
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