Investing in the RTS index: quote dynamics

RTS Index - what is it and how to earn money

RTS (Russian Trading System) was founded in the fall of 1995 as an alternative to the platform. In 2011, the MICEX and RTS exchanges merged into a single exchange platform, which became known as the Moscow Exchange. In this article I will talk about what the RTS index is, how to analyze the dynamics of quotes and whether it is worth investing in this instrument at all.

Considering the history and development of the index on the Russian stock market, we will touch upon the following issues:

Determination of the RTS index

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The RTS Index (code RTSI) is a kind of indicator of the situation on the stock market. Its value is determined taking into account all completed transactions on the exchange platform and reflects the general level of market value, which is called capitalization. It should be noted that such an indicator for a particular company is determined by multiplying the price of one share by the number in circulation.

Issuers and composition of the RTS index

The stock index of the Russian Trading System consists of a number of indicators, including: RTS-2, RTS Standart, RTS Siberia, as well as several industry indices. Calculations are made based on data relating to stock quotes of the 50 largest companies in Russia. In this case we are talking about Gazprom, Sberbank, Surgutneftegaz, Lukoil and other “giants”.

In order for the shares of a particular company to be included in this list and, accordingly, to be included in the RTS, two conditions must be met. Firstly, securities must be admitted to trading on this exchange platform (Moscow Exchange). Secondly, the market value of the company must be at least 0.5 percent of the total capitalization of all shares that are already included in the RTS index.

Change in RTS values

The RTS stock index appeared for the first time in September 1995, the index quotes were at the level of 100 points. Two years later, this figure was 570 points. Further dynamics of RTS showed that over the course of 19 years the capitalization stock market of the Russian Federation increased by more than 12 times. On the one hand, such results look more than positive and optimistic. The RTS index reached its peak value in the spring of 2008. But financial crisis caused a significant decrease in the market value of most of the largest companies, as a result of which the RTS value dropped to below 600 points.

It should be noted that, despite the significant normalization economic situation in the country, the Russian stock market has not fully recovered. It is for this reason that the current capitalization of the country’s largest companies is almost half that which was recorded in 2008. The drop in the index was also influenced by a significant increase in the exchange rate of the US dollar against the ruble.

The RTS Index can be called a unique indicator of the Russian stock market, as well as the general economic situation. Research on changes in the RTS index allows you to get an idea of ​​the current state of the stock market and make a decision on whether to sell or purchase shares.

Trading RTS futures

At the moment, RTS futures are the most popular and most liquid derivative (contract) on the Moscow Exchange. It can with full confidence be called the most popular financial instrument among the vast majority of traders and investors specializing in speculation on the Russian stock market.

Given the popularity of this asset, brokers in most cases provide the most profitable terms futures trading. In this case we are talking about, minimum sizes commission, as well as the minimum guaranteed security. A list of brokers providing access to the Moscow Exchange and futures trading on RTS can be found on the official website of the exchange moex.com.

Futures are a dispute between market participants, the topic of which is the movement in the value of shares of the 50 largest Russian companies. At the moment, this is the most used futures by traders, characterized by record liquidity. Its undeniable advantage is the increased leverage of up to 1:10.

In order to start trading futures on the RTSI index, you will first need to open an account on the exchange (see). Market participants analyze index quotes before making decisions and opening or closing positions. Profits and losses depend on whether the market participant wins the dispute. The futures size is the index value multiplied by 100. The ruble value is determined based on the fact that one point corresponds to 0.02 US dollars, that is:

Price (RUB) = RTS value in points X 0.02 X dollar exchange rate

It is worth emphasizing that trading this financial instrument is more than risky, especially for novice traders. All transactions are concluded on the so-called derivatives market. In other words, the key to successful trading will be having sufficient practical experience acquired in the long-term stock market.

RTSI index calculation

As I already said, the initial value of the index was conditionally equal to 100 points. Let us assume that on the specified date the total market value of all issuers was equal to 500 thousand American dollars, and on the day of the calculations this figure increased to 850 thousand. As a result, the RTS index value will be: 850,000 / 500,000 x 1.0752559 x 100 = 183 points. In this formula, 1.0752559 is the value for which the correction is made.

The value of the index is determined based on data on the value of the shares included in its composition. This operation is repeated after 15 seconds, which provides online information. At the same time, the most informative for all market participants are the RTS values ​​at the time of trading operations.

Below are the main indicators of the largest companies on the Moscow Exchange, which are used to calculate the index (moex.com/s772).

Every three months, the coefficients are recalculated, and a decision is made regarding the list of issuers. To minimize the risk of erroneous calculations, a control procedure is applied, which involves revising the results obtained. This happens if a technical failure has been recorded, as well as in other unusual situations, which can have a significant impact on the calculations. In the first case, exchange specialists re-determine the index value to the maximum short time. In situations where recalculation is made, all information is published on the official website of the Moscow Exchange.

The RTS index represents the largest companies in the main domestic industries: banking and finance, oil and gas, electric power, chemicals, telecommunications, consumer goods and trade, air transport and information technology. Thanks to this composition of issuers, the index fully reflects the situation in Russian economy and deservedly enjoys the attention of investors, not only as an independent investment instrument, but also as a market indicator.

In conclusion, I suggest watching yesterday’s RBC television program about the prospects for the RTSI index in 2016.

Profit to everyone!

The RTS currently operates several trading platforms, both exchange-traded and over-the-counter, as well as a derivatives market. Let's look at each of them in detail.

Stock market

There are 4 platforms within the RTS stock market: RTS Classic, RTS Standard, RTS Start and the T+0 market.

Classic securities market

Classic market RTS (RTS Classic) is the oldest organized trading platform in Russia securities(operates since the foundation of the exchange in 1995).

Shares of more than 500 of the largest Russian companies, as well as bonds and shares of a number of investment funds are traded here. This gives investors the opportunity to use various investment strategies, which are mainly divided into active and passive.

Active investment strategies are typical for investors who seek to get the maximum return on their investments.

These are risky strategies based on constant monitoring of the market situation and making operational decisions to buy or sell securities based on changes in the situation on the stock exchange.

An investor who uses this strategy constantly changes the set of assets that are in his portfolio, trying to guess the most profitable combination. This strategy is not suitable for beginners, as it is associated with great risk and requires the trader to have certain knowledge and experience in conducting active trading.

For conservative and novice investors, passive is more suitable investment strategy. In this case, the goal is to save capital and obtain a certain guaranteed income with moderate risk.

This strategy involves the formation of a securities portfolio from low-risk assets, while the composition of the portfolio, as a rule, does not change for a long time.

Of course, the profitability when using such a strategy is lower than when using active management, but the risks are minimal.

Let us note some features of the classic stock market:

• · trading is carried out without preliminary 100% deposit of funds for the transaction (that is, the investor is not required to transfer his funds for storage as a guarantee of the transaction);
• · You can freely choose the date and method of payment;
• · it is possible to make payments in foreign currency;
• · trade is carried out via electronic trading terminal RTS Plaza.

The T+0 market was created in 2004 as a platform on which shares are traded as leading Russian enterprises, and companies of the so-called “second echelon” (this segment accounts for up to 50% of all securities sold).

Bonds and investment shares are also traded here. In total, the T+0 market offers more than 400 types of securities.

This market is ideal for private investors who can trade through the services of intermediary companies accredited by the exchange.

Trading is carried out through an online trading system in an anonymous mode based on the Order-Driven Market principle (continuous double auction of counter orders) with 100% pre-deposition (reservation) of assets using the “delivery versus payment” technology. All payments are made on the day of the transaction only in rubles.

Those. for example, an investor wants to buy shares of a certain company, submits an anonymous application indicating the number of shares and the price. In this case, the funds for completing the transaction are “frozen” in the buyer’s account until the transaction is completed.

When a counter order with the same conditions appears, the transaction is carried out automatically. This mechanism is very convenient for investors, as it is quite simple and does not require any complex actions.

Share market RTS Standard

RTS Standard is the most modern and youngest stock market in Russia (operates since 2009). It uses world-class advanced exchange technologies.

This market is aimed at both large professional players, institutional investors and banks, as well as private investors. This platform is excellent for making speculative transactions in securities.

Features of the RTS Standard market:

• · use of the most modern technologies in the field of securities trading;
• · partial preliminary deposit of funds in accounts;
• · payments only in rubles;
• · carrying out transactions in the form of an anonymous auction, similar to the T+0 market;
• · it is possible to combine stock trading on the Standard market with futures trading on the RTS FORTS derivatives market.

Market RTS START

RTS START is part of the exchange securities market of the RTS group. In this market segment, securities of small and medium-sized companies are traded.

Securities that are traded in the RTS START segment are also admitted to trading on the RTS exchange. This is a new direction in the development of the modern stock market in Russia.

This market is designed to stimulate investment in real sector economy, as well as allow small but actively developing enterprises to increase the amount of capital they attract.

Derivatives market FORTS

The FORTS market is the largest Russian platform for trading derivative securities (futures and options).

First, let's take a closer look at what futures and options are and how they differ.

Futures are a futures contract that secures an obligation to buy or sell some asset or commodity in the future at a set time at a predetermined price.

An option is a fixed-term contract that secures the right to buy or sell a certain asset (commodity) for a certain period of time at a predetermined price.

In principle, these papers are similar, but there is one significant difference. The option holder is not obligated to make a trade after the option expires. Whereas the futures holder will be obliged to complete this transaction in any case. To make it clearer, consider a simple example.

Imagine that a year ago you bought two securities:

• 1. option allowing you to buy 1000 shares of the Alpha company at 50 rubles per share;
• 2. futures, which obliges you to sell 1000 shares of the Beta company at 20 rubles per share.

Both papers are about to expire. At the same time, you know that the shares of both companies have increased in price and cost 100 and 60 rubles per share, respectively.

Obviously, the option is beneficial to you, since you can buy 1000 shares at a price 2 times lower than the market price and make a good profit.

This means that you present it to the seller and receive 1,000 shares for only 50,000 rubles, which, by selling them at the market price, will make a profit of 50,000 rubles.

Futures, on the contrary, are not profitable, since you will have to sell 1000 shares at a price 3 times lower than the market price. That is, you will receive only 20,000 rubles for the transaction, although you could receive 60,000 rubles.

If it were the other way around, and you had a future to buy 1,000 shares of Alpha and an option to put 1,000 shares of Beta, all other things being equal, you would be a winner.

Since the option does not oblige you to sell the asset, but only gives you the right to do so. If the deal becomes unfavorable to the option holder, he may not exercise it. In fact, the paper depreciates in value.

As for FORTS, this derivatives market has a developed infrastructure, reliability guaranteed by the RTS Stock Exchange, as well as modern technologies in the field of trading in futures contracts.

The set of assets sold on FORTS includes a variety of derivative instruments: futures and options on shares, on the RTS Index, on the dollar-ruble exchange rate, on interest rates, on oil and on gold.

Features of the FORTS market

• · relatively low costs for carrying out transactions for the purchase/sale of assets;
• · lack of additional indirect costs(payment service fees and depository fees);
• · great opportunities for using various trading strategies;
• · the possibility of insurance against price fluctuations for certain assets (stocks, dollar exchange rate);
• · partial deposit of funds (initial margin);
• · carrying out operations with guaranteed income (for example, we sell futures - we buy shares).

Among the main market opportunities that are available to all investors, it is worth noting the conduct of speculative transactions with derivatives securities, as well as hedging (insurance) of the risks of existing investment portfolios.

Let's take a closer look at how these strategies are implemented for stock futures.

Speculation

Stock futures are a great tool for making a profit: you can play on the rise or fall of stock prices in order to make a profit.

For example, you expect that in the future the shares of a certain company will increase in price - then you need to buy futures on shares of this company. If, on the contrary, you expect that the shares will fall in price, then you enter into a contract to sell futures.

The advantage of performing transactions on the futures market is also that when concluding a transaction on a futures contract, the investor contributes only a small fraction of the value of the asset (guarantee collateral of about 10-20%).

Consequently, the investor saves on transaction costs.

For example, you want to buy futures on shares of the Alpha company, full cost contract is 100,000 rubles.

However, you will not have to pay the entire amount of the transaction, but only the amount of the guarantee, which is 15,000 rubles (this is what the broker will write off from your account). That is, having spent only 15,000 rubles, you actually bought a contract for 100,000 rubles.

Hedging

In this case, the investor’s actions are aimed at reducing possible risks associated with a fall in the price of his shares. To minimize possible losses in the stock market, the investor enters into a futures contract to sell.

As a result, possible losses on the stock market are compensated by profits received on the FORTS market.

For example, you have shares of the same company “Alpha”, which now cost 100 rubles per share. You are afraid that in a month these shares will fall in price in order to hedge against possible losses, you enter into a futures contract to sell securities at the current price.

Then, if in a month the price of the shares really falls, you will compensate for the losses by selling the shares at the price of 100 rubles, which was indicated when concluding the futures contract.

However, there is one thing: if the price rises, then on the contrary you will lose the opportunity to make a profit. That is, hedging is a kind of insurance, a tool that is aimed only at preventing possible losses, but not at making a profit.

Over-the-counter activities of RTS

RTS's over-the-counter activities include organizing the work of two indicative securities quotation systems: RTS-Board and RTS Global.

RTS Board is a special information system that began operating in 2001 and is designed to carry out indicative quoting of securities that were not admitted to trading on the RTS Stock Exchange.

Unlike the stock market, here we are dealing with quotes that are not based on actually completed transactions. Indicative quotes show that a given security could be sold at a certain price stated by the issuer.

The actual price of the security at the time of the transaction, if one takes place, will depend on a number of additional factors (the volume of the transaction, the day of settlement, the status of the buyer, etc.).

That is, RTS Board is not a trading system, but an information system that allows potential investors to get acquainted with information about securities that are not admitted to public trading on the stock exchange.

For small domestic issuing companies, the RTS Board is a tool for initially increasing the liquidity (sale speed) of the securities they issue, as well as an opportunity to draw the attention of potential investors to new and promising securities.

RTS Global is an RTS project that began its work in 2008. The system allows investors from Russia to gain access to securities of foreign companies.

RTS Global is based on the technologies and operating principles of the RTS Board system, only here investors have access to information about indicative quotes of not domestic, but foreign securities.

In addition, using the Center electronic contracts RTS (CED) and CJSC Depository Clearing Company, Russian investors can, through the RTS Global system, enter into over-the-counter transactions in shares of a number of foreign companies, mainly companies from the CIS countries and Europe.

Thus, CJSC DCC has access to a number of foreign depositories, including:

• · Clearstream Banking S.A. Luxembourg;
• · Euroclear Bank S.A./N.V;
• · National Depository of Ukraine;
• · “Republican Central Securities Depository” of Belarus;
• · Central Depository of Kazakhstan.

The emergence of an over-the-counter market for foreign securities in Russia has significantly expanded the boundaries and capabilities of the domestic stock market.

RTS Index

Since the RTS is a stock exchange, you should definitely talk about stock index RTS, which has been calculated on the exchange since the beginning of the first trading in September 1995.

The RTS Index is the main indicator general condition Russian stock market, reflecting its growth or decline.

The principle of operation of the index is the same as that of the MICEX Index - it reflects the total change in the value of a certain set of securities based on the results of trading.

Only in contrast to the MICEX Index, which takes into account changes in the price of shares of 30 companies, the RTS Index is calculated based on indicators of the dynamics of securities of the 50 largest enterprises in Russia, including:

• · Aeroflot;
• · Bashneft;
• · Severstal;
• · Gazprom;
• · MMC Norilsk Nickel;
• · INTER RAO UES;
• · LUKOIL;
• · Sberbank of Russia;
• · Surgutneftegaz;
• · and others.

It should also be noted that the RTS Index shows the total market capitalization (value) of shares of companies included in the list, expressed in relative units (points). In this case, unlike the MICEX Index, the value of shares in US dollars is taken for calculation.

Capitalization in this case is defined as the number of outstanding shares multiplied by their actual market value. She reflects total cost enterprises at a certain point in time.

Accordingly, if the value of shares of enterprises included in the list for calculation increases, the value of the RTS index also increases; if the value falls, the index falls. The index itself is calculated simply.

Let's say the initial capitalization of the companies was $100,000, the initial index value was 100 points. The companies' capitalization currently amounts to $500,000. Therefore, the index will be equal to 500,000/100,000 * 100 points * 1.0752559 = 537 points (1.0752559 is the established adjustment factor).

It is according to this scheme that the value of the RTS index is determined, the dynamics of which reflect the state of the domestic stock market.

What do you need to become a trading participant on the RTS?

Only legal entities that have licenses to carry out transactions with securities can take part in trading on the RTS markets.

If you want to participate in trading on the exchange as a private investor, then to carry out transactions on the RTS exchange, contact accredited professional intermediaries (brokers, dealers, management companies) who have the appropriate licenses and experience in performing such transactions.

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Hi all!

Many private investors often ask: “what is the over-the-counter market and how to trade on RTS Board?. Find detailed information on the Internet, in print publications it is quite difficult. Interest in these types of trading is constantly growing every year, but people never start trading. This is more due to the fact that many do not know how to work with this market.

What is an RTS Board?

RTS Board is an information system designed for indicative quoting of securities not admitted to trading on the RTS. The system’s task is to draw investors’ attention to promising securities.

Securities included in the RTS Board List of Instruments are not publicly traded on a stock exchange. Quotations for these securities are not recognized, and calculations of market price and market capitalization are not carried out for them.

RTS Board Structure

What does this system look like?

For professional securities market participants there is the RTS PLAZA program, which provides access to information system RTS Board. In it you can monitor securities quotes and the progress of trading.

Basic indicators:

1 issuer ticker (short name of quoted instruments)

2 window where the last entered transaction is displayed (price, date, volume)

3 participant code of the RTS Board trading system

4 current parameter table

5 table with tickers of issuers and their quotes, which were presented by prof. participant

6 supply and demand

7 type of currency in which prices in the glass are calculated.

I will separately describe the trading order book in RTS PLAZA:

The first thing we see is the ticker of the issuer, for example in this case it is gzes (ticker of the company OJSC Gazenergoservice). Next, the price of the last transaction, date and number of shares. The red squares show demand (Bid) and supply (Offer). Each of which contains: prof. code. participant, price, payment currency and type of delivery, as well as the number of shares.

On the RTS website you can also see quotes, but they will look different:

The devil is not as scary as he is painted

How does a transaction take place on the over-the-counter market, like a regular one? private investor can buy shares?

In fact, not everything is as complicated as many people think.

For example, let's take a simple situation:

Let's say I want to buy myself shares in the company OJSC Gazenergoservice. There are several options for completing a transaction.

The first and simplest thing is to call your trader and give him a trading order. It looks something like this: “I want to buy gzes (OJSC Gazenergoservis) at a price of $57 in the amount of 100 pieces.” In this case, the trader will place your order in the RTS PLAZA glass and you will have to wait until one of the profs. participants will not sell you shares at this price. The main disadvantage here is that most stocks have poor liquidity, and you can wait quite a long time for your price.

The second option is to work through a voice broker (“platform”). There are organizations whose task is to find the best prices and bring together counterparties to conclude over-the-counter transactions. The big advantage of working through these organizations is that the site has connections with most profs at the same time. participants. Does any of the profs know? participants what they buy and what they sell. The platform forms the market within the order book spread. Therefore, the prices that are visible in the order book are not always the best prices at which you can buy or sell shares.

____________________________________________________________

The main sites that work on RDF: Help Corps, Premex, ADIX, etc. (The standard site commission for a transaction is approximately $25-50).

In this option, the investor himself calls the site and submits a trade request. The platform, for its part, finds the optimal price. If the price suits you, then you make a deal. The platform tells you the name of the counterparty, after which you call your trader and say that you bought shares of a particular company. The trader is obliged to accept this application, call the counterparty and confirm by voice the price, volume, payment currency, type of delivery and the name of the company that was purchased.

As soon as the transaction has taken place, the back office of the brokerage company enters into a purchase/sale agreement the next day, and only a few days later the stock arrives in your account.

All over-the-counter transactions take place in the RPS mode (negotiated transactions mode).

It is worth mentioning the types of securities supply.

Once you have bought or sold a share, the asset or money will only be able to arrive in your account in a few days.

There are three types of delivery:

1) “PPP” delivery versus payment. Payment and delivery of securities occurs on the same day. Standard delivery 3 days.

2) “Pre-delivery”. In this case, the Central Bank is supplied first, and only then is payment made. Standard delivery “3 + 2”, i.e. three for the supply of securities and 2 days for payment.

3) “Prepayment”. First, payment occurs under the contract, only then the securities are delivered. Standard delivery “2+3”, i.e. 2 days for payment and 3 days for delivery of securities.

Transactions can be made in both rubles and dollars.

Therefore, when you submit your application to a trader or site, you must clarify for what currency you are buying or selling securities, and what type of delivery you will use.

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Some RTS Board statistics

DYNAMICS OF THE NUMBER OF SECURITIES AND ISSUERS INCLUDED IN THE RTS BOARD (the data is really old, all I could find)

The Russian Trading System (RTS) arose a long time ago, but it was in its current form that the classic system arose in 1995, as an analogue of the world stock exchange securities markets.

RTS is a market for all types of securities that operate in Russian Federation. It serves as the basis for determining stock prices, futures prices, etc. At the same time, the market serves as a reference point both for the exchange market and for transactions outside it.

RTS functions

The main functions of the market are:

• determining the value of securities. The RTS market is the oldest analogue of such an exchange in Russia;
• transactions. The majority of transactions involving the purchase and sale of securities are carried out within the framework of the RTS.

These are the two main functions of the market that make it a leader in the Russian Federation.

RTS unites all markets of the Russian Federation: oil, telecommunications, energy, consumer sector, banks, metallurgy and energy.

The market offers shares of more than five hundred of the largest companies in the Russian Federation, as well as investment shares. Thanks to such a wide range of representative offices, the market serves as a reference point not only for the Russian Federation, but also for international investors.

RTS segments

The market is clearly divided into trading platforms, which makes it more convenient:

• RTS standard. Uses the most modern exchange technologies, and is intended for large investors and individuals. Payments are made only in rubles. There is also a system of anonymous payments. RTS-Plaza terminal systems are used. The market is considered the most innovative in the RTS system, and is characterized by active development.

• RTS start. This segment involves trading in securities of small companies. Serves to attract investment in. A special feature of the market is that there is no prepayment for certain transactions. There is also the possibility of payment in foreign currency, although for other platforms payment is only in Russian rubles.

• FORTS derivatives market. This is a section of the RTS that specializes in futures and options trading. That is, on this site you can agree in advance on the price of assets. In this case, the seller cannot change the price by , regardless of changes in the market.

• Classic RTS market. The oldest platform for trading securities of large Russian companies. Only professional participants can participate in bidding in this segment. It is the prices on this site that serve to determine the RTS index.

• Market T+0. A market that targets individuals. You can take part in the auction personally or use the services of intermediaries. Allows you to work anonymously. It works on the principle of an auction, where you make an offer and buy shares at a certain price, and if you receive a positive response, you receive your shares. The entire system uses an online sales scheme. That is, there is no need to be present in any places. This site is the most popular.

The history of exchanges goes back more than six hundred years and is associated with the need to coordinate prices for goods, which was carried out by merchants engaged in international trade. These first trade institutions arose at the intersection of trade routes of the time.

The very first commodity exchange spontaneously arose in 1409 in Bruges, on the territory of modern Belgium, and its organized version was created in 1460 in Antwerp. A little over a hundred years later, the main exchange was moved to Amsterdam, and a little later, exchanges began to appear everywhere in Europe. At the beginning of the 19th century, exchanges appeared in the United States, and their number numbered about five hundred.

In Russia, the first stock exchange appeared by decree of Peter the Great in 1703, but its two-hundred-year history was interrupted by the October Revolution and resumed only with the transition of Russia to market relations. Moreover, initially in Russia there were more exchanges than in the whole world, but many of them existed only on paper. Currently, the main stock exchanges in Russia are the Moscow Exchange MICEX-RTS, the St. Petersburg Stock Exchange, the St. Petersburg Currency Exchange and the Moscow Stock Exchange.

OJSC RTS – Russian trading system, operating in the stock market and derivative financial instruments (derivatives) - instruments used not for the acquisition of underlying assets, but for income from the difference in price. The basis of derivatives are currencies, securities, options and futures contracts, and other financial instruments (see Futures contract - what is it?).

At the end of 2011, the RTS merged with the Moscow Interbank Currency Exchange, forming MICEX-RTS. The RTS system, in addition to organizing trading, also provides a number of related services - settlement, clearing and depository, through its subsidiaries.

Currently, the trading system conducts exchange trading (guaranteed quotes) and over-the-counter organized trading. Their difference lies in the fact that in the first option, trading participants make a 100% deposit of securities in the settlement depository of the exchange and Money in the bank. Over-the-counter organized trading is characterized by the conclusion of transactions without prior deposit on the terms of free delivery or “delivery versus payment”. The agreement between the parties to the transaction may involve both prepayment and pre-delivery of securities.

The needs of market participants dictate the development of new, in-demand projects that help improve the quality indicators of the Russian financial market. Currently, several projects are operating within the RTS system:

classic securities market RTS Classic;

RTS Standard stock market;

securities market RTS Start;

T+0 market;

derivatives market RTS Forts;

RTS tender platform.

Securities market RTS Classic

The RTS Classic project has been operating since the founding of the exchange and is used to organize trading in securities. The exchange's turnover consists of shares of the largest Russian companies, bonds and shares of investment funds (see Mutual investment funds (UIFs)). A wide range of financial instruments allows you to use both passive and active strategies in trading.

Share is a security that confirms the size of its owner’s share in the capital of an enterprise and gives the right to receive dividends from profits.

Bond is a debt security that confirms the owner's right to receive a certain amount from the borrower. Bonds are the most stable and low-risk securities.

Investment share is the shareholder's share in mutual fund, issued in the form of a book-entry security, which confirms the shareholder’s right to a share in the property of a mutual investment fund.

A passive strategy involves including assets with low risk and a certain income, as a rule, is also not high. In this strategy, the securities portfolio does not change for a long time, and it is most suitable for beginners or conservative traders.

An active investment strategy is used by aggressive traders aimed at gaining maximum income. This strategy is characterized by constant monitoring of the market situation, prompt changes in the investment portfolio, and quick decision-making on transactions. The strategy requires the trader to have good knowledge of the securities market and experience in conducting active trading operations.

The formation of a securities portfolio is based on a number of indicators that take into account the profitability of securities, their riskiness, as well as trading strategy trader. As a rule, securities with high yields are also riskier.

Features of the RTS Classic market are its multi-currency nature - settlements in different currencies, no deposit requirements and freedom in choosing the date and method of settlement. Trading is provided by the RTS Plaza trading terminal.

Stocks and bods marketRTSStandard

A fairly young platform for trading securities, operating since 2009, is focused not only on major players financial market, but also on private investors. Trading is conducted in the form of an anonymous auction exclusively in the ruble zone using partial deposit of funds. The use of modern e-commerce means makes the site the most modern in terms of technical equipment. The project provides an additional opportunity for parallel trading of futures on the RTS Forts platform.

Stocks and bods marketRTSStart

The assets traded on the RTS Start platform are shares of small to medium-sized Russian companies with a small and medium level of capitalization. This makes it the most accessible for private investors to participate in trading with small capital. This, in turn, allows companies focused on development to receive a larger volume of investment that is not available to them on other sites. The assets of the site are allowed for trading on the RTS exchange.

RTS Start allows small-cap companies to attract investment through the stock exchange infrastructure of the securities market using external financing programs.

Market T+0

More than 400 types of securities are on the list of financial instruments on the T+0 platform. Here are shares of both the largest Russian companies and second-tier enterprises, the volume of sales of shares, which are almost half of all sold. In addition to these instruments, bonds, investment shares and more than 400 types of securities are traded on the site. Companies accredited on the site providing intermediary services, allow private investors to participate in trading.

Transactions on this exchange are carried out exclusively in the ruble zone with 100% deposit of assets. A double auction of counter orders, carried out using the “delivery versus payment” technology, is carried out through an electronic Internet trading system.

The transaction algorithm is that an investor, proposing a transaction to acquire the assets of a certain company, anonymously submits an application with the terms of the transaction. The investor's funds necessary to complete the transaction are deposited in his account before its implementation. An emerging counter order with similar conditions triggers the automatic execution of the transaction.

The T+0 market is a very convenient platform for investors that does not require complex algorithms and procedures.

Derivatives marketRTSForts

Urgent RTS market Forts is the largest Russian exchange of derivative financial instruments - options and futures.

Option- a contract that gives the right, but is not an obligation, to purchase an asset or product specified in the contract within a specific time frame at a certain price.

Futures is a contract obliging the investor to buy or sell an asset or product specified in the contract within a specific time frame at a set price.

The difference between the contracts, as you can see, is that an option gives the right to carry out a transaction, and a future obliges it to be carried out.

Realizable underlying assets RTS Forts are options and futures on stocks, oil, gold, ruble to dollar exchange rate, RTS index, interest rates, bonds federal loan and a number of others. Market opportunities provided to any type of investor include the possibility of conducting speculative transactions with futures securities and hedging risks.

Future securities- These are papers whose validity is limited in time. They can be short-term with a maturity of up to 1 year, medium-term with a maturity of up to 10 years and long-term with a maturity of up to 30 years. Upon completion of circulation of a fixed-term security, depending on its type, dividends are paid on it or it is simply withdrawn from circulation.

The RTS Forts site, due to its characteristics, has the following characteristics:

no expenses for settlement service and deposit;

low transaction costs;

partial deposit;

availability of operations with guaranteed income;

possibility of hedging risks;

the ability to use various trading strategies.

The RTS Forts platform currently ranks among the world leaders in derivatives trading and is the undisputed leader in options and futures trading in Eastern Europe and Russia.

Trading platform RTS-tender

The RTS tender platform was created specifically for the implementation of procurement for state and municipal needs, regulated by the relevant federal legislation. The system of federal servicing of suppliers and customers has allowed RTS to take a leading position in the implementation of specialized auctions.

More than 80,000 suppliers, both of various organizational forms and various forms of ownership, take part in the activities of the site, and the total number of clients exceeds 320,000. At least 15,000 trades are held monthly.

OTC components of the RTS

In addition to organizing trading, the Russian Trading System has a number of over-the-counter activities. These areas are indicative systems RTS Board and RTS Global. The first of them is intended for quoting financial instruments of Russian companies that are not admitted to circulation on the RTS stock exchange, and the second carries out similar functions in relation to securities of foreign companies.

That is, these systems perform purely informational functions for potential investors who want to get acquainted with the quotes of securities that do not participate in exchange trading. These projects provide an opportunity for little-known companies to increase the liquidity of their shares or to make themselves known among potential investors.

RTS Board indicative quotes indicate the possible price stated by the issuer at which the security could be sold. The actual price may differ from the stated one depending on the volume of the transaction, settlement terms and other factors.

The relatively young RTS Global project was launched in 2008 to organize access for Russian investors to financial instruments of foreign companies. Through this platform and the Center for Electronic Contracts of the RTS "CED", investors from Russia can conduct over-the-counter transactions with company securities of Eastern Europe and countries of the former Union.

The over-the-counter market for foreign securities has significantly expanded the opportunities for Russian investors, providing them with access to depositories of a number of foreign countries.

RTS stock index

From the beginning of trading organized on the RTS exchange, the calculation of the exchange index began, which became an indicator of the state of the domestic stock market. RTS Index is calculated based on indicators of the dynamics of share prices of the 50 largest Russian companies based on trading results in dollar terms. List joint stock companies is revised periodically, but the basic core remains the same.

The index shows the weighted average capitalization of these companies in relative units - points. The index is directly proportional to the quotient of the current capitalization indicator divided by the initial capitalization indicator multiplied by the initial value of the index. Thus, the higher the capitalization of the companies included in the list, the higher the value of their shares, the larger the index.

Organization of trading on the RTS exchange

Trading on the RTS is carried out through remote terminals through which trading participants enter their offers to buy or sell securities. Offers are displayed in the terminals of all participants. The decision to conclude a deal between traders is discussed over the phone, and re-registration of property rights is carried out by counterparties independently, which is one of the big disadvantages of the RTS exchange.

However, issues of combining the trading system with clearing and settlement organizations are currently being worked out, one of which is the depository and clearing company DCC, through which about 10% of RTS transactions already pass.

A member of the RTS can only be entity, which has a license to carry out transactions with securities and is registered on the RTS exchange.

The most profitable and convenient trading on the RTS exchange is options and futures contracts, the advantages of which are as follows:

cost reduction due to the possibility of making only a margin deposit, amounting to about 10% of the contract value;

the ability to trade without using broker assets;

low transaction costs.

Trading futures contracts and options allows the trader to manage his capital more profitably. But due to high risks, this type of trading requires a competent approach to managing them. The use of risk hedging on RTS futures contracts makes it possible to more profitable trading. Specifics futures contracts RTS makes it possible for investors with small capital to use them.

The market has determined the important place of exchanges in the system of relations. Exchange information is considered one of the most objective and significant. The activities of exchanges directly depend on economic processes in the state, domestic and foreign political processes have no less influence on the stock exchange. The influence of these factors shapes the stock exchange in the form in which we see it, and based on the results of its activities, one can always draw a conclusion about hidden processes occurring in the state.