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Futures and options on RDX® USD Index
at Eurex Exchange
Since March 2012, Eurex Exchange is offering derivatives on Russian Depositary Index (RDX®).
RDX® is a free float weighted price index made up of Russian ADRs/GDRs traded on London
Stock Exchange. The index is calculated in USD and EUR and disseminated in real time.
RDX® is designed as a tradable index to be used as
RDX® USD Index is well-established in the financial market
an underlying instrument for futures, options and structured
and comprise the most liquid Russian ADRs/GDRs traded
products. Constituent weights are capped on a quarterly
at the London Stock Exchange.
basis to ensure compliance with UCITS III standards for
• The RDX® USD Index is the most traded Russian DR index
in the interbank market.
portfolio diversification.
Russia continues to be one of the most attractive
emerging markets:
• Relative low valuations.
• High number of structured products based on RDX® USD
Index (approximately 130 licensees).
RDX® USD Index currently consists of 15 components
• Growing derivatives market.
• Introduction in 1997.
Volume and open interest has grown rapidly since launch
• Index components are ADR/GDR only.
date. Demand for a liquid hedging instrument such as Eurex
• All components are listed and traded on London Stock
RDX ® USD futures (FRDX) and options (ORDX) continues to
Exchange (IOB).
grow. Additionally, participants trade OTC flexible contracts
• Maximum weight is 20 percent (quarterly rebalancing).
regularly. The total traded contract volume since launch is
• Price index.
602,624 contracts for FRDX and 1,289,040 contracts for
• Number of stocks is not fixed.
ORDX while the open interest stands at 59,185 contracts
• BBG code: RDXUSD
for FRDX and at 350,150 contracts for ORDX (August 2013).
• ISIN: AT0000634076
DRs allow easier access to Russia by avoiding the cost of
More information
holding and trading international shares and other costs
http://www.indices.cc/indices/details/rdu/facts
associated in trading locally.
RDX® USD Index Options – traded contracts and open interest (in thousands)
140 350
120 300
100 250
80 200
60 150
40 100
20 50
Mar 12 Apr 12 May 12 Jun 12
Traded contracts
Jul 12
Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13
Open interest
Feb 13 Mar 13 Apr 13 May 13 Jun 13
Jul 13
Aug 13 Sep 13
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RDX® USD Index Futures – traded contracts and open interest (in thousands)
140 70
120 60
100 50
80 40
60 30
40 20
20 10
Mar 12 Apr 12 May 12 Jun 12
Jul 12
Order book volume
Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13
OTC volume
Feb 13 Mar 13 Apr 13 May 13 Jun 13
Jul 13
Aug 13 Sep 13
Open interest
Contract specifications
Futures
Options
Contract value
USD 10 per index point
Price quotation
In points with one decimal place
Minimum price change
0.5 index points (USD 5)
Settlement
Cash settlement
Final Settlement Price
The Final Settlement Price is established by Eurex based on the closing prices of the London Stock
Exchange (IOB) for the index component shares.
Contract months
up to 36 months:
The four nearest quarterly months of the March,
June, September and December cycle and the four
following semi-annual months of the June and
December cycle.
Last Trading Day and
Final Settlement Day
Last Trading Day is the third Friday of each maturity/expiration month. Final Settlement Day is
the exchange day following the Last Trading Day.
Trading hours
07:50 –22:00 CET (EurexOTC: 08:00 –22:00 CET)
EurexOTC block trade size
100 contracts
Vendor codes
Bloomberg: RXDmy index
Thomsonreuters: <0#FRDX:>
0.1 index points (USD 1)
Up to 60 months:
The three nearest successive calendar months,
the three following quarterly months of the
March, June, September and December cycle
thereafter, the four following semi-annual months
of the June and December cycle thereafter and
the two following annual months of the December
cycle thereafter.
09:15 –16:30 CET (EurexOTC: 09:15 –19:00 CET)
Bloomberg: RDmyC Y index
Thomsonreuters : 0#ORDX*EX:>
Market Makers
A market making scheme supports the success of Eurex RDX® USD
Index futures and options and provides additional liquidity.
Company
Contact person
Phone
BNP Paribas
FRDX: Geoffray Zanin, BNP Paribas Delta One Emerging
ORDX: BNP Paribas CEEMEA Derivatives Trading Team
+44-20-75 95-85 59
+44-20-75 95-89 52
Raiffeisen Centrobank AG
FRDX: Johannes Hämmerle
+43-1-51 52-04 39
Citigroup Global Markets Ltd.
FRDX: Shiran Samuel
ORDX: John Lavan
+44-20-79 86-30 06
+44-20-79 86-97 13
VTB Capital plc
ORDX: Matthieu Ressencourt
Nicolas Ewald
+44-20-33 34-80 15
+44-20-33 34-80 17
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For further information please contact
Sales United Kingdom
Sales Germany
Murat Baygeldi T +44-20-78 62-72 30
France Schuster T +49-69-211-1 52 38
[email protected]
[email protected]
Sales Asia & Middle East
Sales Italy and Switzerland
Roland Schwinn T +65-63 04-52 52
Markus-Alexander Flesch T +41-43-430-71 21
[email protected]
[email protected]
Sales France
Product Development
Paul Beck T +33-1-55 27-67 72
Tobias Ehinger T +44-20-78 62-72 31
[email protected]
[email protected]
ARBN Number: Eurex Frankfurt AG ARBN 100 999 764
Neither Eurex Frankfurt AG (Eurex), nor its servants nor agents, is responsible for any errors or omissions contained in this publication which
is published for information only and shall not constitute an investment advice. Any information herein is not intended for solicitation purposes
but only for the use ofgeneral information. Eurex offers services directly to members of the Eurex market. Those wishing to trade in any
products available on the Eurex market or to offer and sell any such products to others should consider both their legal and regulatory position
in the relevant jurisdiction and the risks associated with such products before doing so.
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