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BRICS exchanges alliance

BRICS Exchanges alliance is a joint initiative of emerging markets to expose foreign investors to their dynamic economies and to increase the liquidity of their trading venues.

The initiative brings together the BM&FBOVESPA from Brazil, Moscow Exchange from Russia, the BSE Ltd (formerly known as Bombay Stock Exchange) from India, Hong Kong Exchanges and Clearing Limited (HKEx), as the initial China representative, and the JSE Limited (Johannesburg Stock Exchange) from South Africa.

The mission of the alliance is to give global investors an easy access to major equity index derivatives of the BRICS markets thus giving them an opportunity to diversify their portfolios.

The first stage of the BRICS Exchanges' cooperation is cross-listing of benchmark equity index derivatives, which is meant to facilitate liquidity growth in the BRICS markets and considerably strengthen the international position of the BRICS alliance in the global economy.

The cross-listed derivatives include:

  • Brazil's IBOVESPA futures;
  • Russia's MICEX Index futures;
  • India's S&P BSE SENSEX Index futures;
  • Hong Kong's Hang Seng Index futures and Hang Seng China Enterprises Index futures; and
  • South Africa's FTSE/JSE Top40 futures. 

At the second stage of the project members of the alliance plan to jointly develop new products for cross-listing on their exchanges. The third stage may include further cooperation in joint products design and new services development.

Please see more information about the project here:

Moscow Exchange's BRICS Contract Specifications

Futures Contract IBOVESPA Futures S&P BSE SENSEX Index Futures Hang Seng Index Futures FTSE/JSE Top40 Futures
Underlying Asset IBOVESPA S&P BSE SENSEX Index Hang Seng Index FTSE/JSE Top40 Index
Contract Code IBVS SNSX HSIF ALSI
Bloomberg Code MIBA Index XMSA Index MHIA Index MZWA Index
Thomson Reuters Code 1BRTSc1 2BRTSc1 3BRTSc1 4BRTSc1
Settlement Cash-settled Cash-settled Cash-settled Cash-settled
Lot 1 1 1 1
Tick Size 5 Index points 5 Index points 5 Index points 5 Index points
Tick Value 0,25 USD 0,5 USD 0,5 USD 0,5 USD
Settlement months At least 2 maturities should be traded (February, April, June, August, October, December) At least 2 maturities should be traded (January, February, March, April, May, June, July, August, September, October, November, December) At least 2 maturities should be traded (January, February, March, April, May, June, July, August, September, October, November, December) At least 2 maturities should be traded (March, June, September, December)
Trading Hours 10:00  - 18:45 MSK – main trading session
19:00  – 23:50  MSK – evening additional trading session
2 clearing sessions:
14:00-14:03 -intraday clearing session
18:45-19:00 - evening clearing session
Last trading Day The day following the Last Trading Day determined  by the BM&FBOVESPA  S.A. – BOLSA DE VALORES, MERCADORIAS E FUTUROS (i.e. Usually the Wednesday closest to the 15th calendar day of the Contract Month)
If it is not a Russian Business Day, the Last Trading Day shall be the immediately following Russian Business Day
The Last Trading Day determined  by the BSE Limited   (i.e. Usually the Last Thursday of the Contract Month)
If it is not a Russian Business Day, the Last Trading Day shall be the immediately following Russian Business Day
The Last Trading Day determined  by the HKFE   (i.e. Usually the Business Day immediately preceding the last Business Day of the Contract Month)
If it is not a Russian Business Day, the Last Trading Day shall be the immediately following Russian Business Day
The Last Trading Day determined  by the JSE  (i.e. Usually the Third Thursday of the Contract Month)
If it is not a Russian Business Day, the Last Trading Day shall be the immediately following Russian Business Day
Final Settlement Price The Final Settlement Price for IBOVESPA Futures Contracts shall be a whole number, determined by the MICEX-RTS and shall be the Final Settlement Price of the IBOVESPA futures at the BM&FBOVESPA S.A. – BOLSA DE VALORES, MERCADORIAS E FUTUROS The Final Settlement Price for S&P BSE SENSEX Index Futures Contracts shall be a whole number, determined by the MICEX-RTS and shall be the final settlement price of the S&P BSE SENSEX Index futures at the BSE Limited The Final Settlement Price for Hang Seng Index Futures Contracts shall be a whole number, determined by the MICEX-RTS and shall be the final settlement price of the Hang Seng Index Futures at the HKFE The Final Settlement Price for FTSE/JSE Top40  Futures Contracts shall be a whole number, determined by the MICEX-RTS and shall be the final settlement price of the FTSE/JSE Top40  Futures at the JSE
Customer Fees To buy or sell contract: 4 RUB
Scalper trade: 2 RUB
Registration of bilateral (off-system) trade: 4 RUB
Clearing fee/settlement arrangement: 4 RUB

 

Specifications for the futures contract on the BOVESPA Index
Specifications for the futures contract on the S&P BSE SENSEX Index
Specifications for the futures contract on the Hang Seng Index
Specifications for the futures contract on the FTSE/JSE Top40 Index

 

The dates of execution for the futures contracts

BOVESPA Index Futures S&P BSE SENSEX Index Futures Hang Seng Index Futures FTSE/JSE Top40 Index Futures
  26 November 2015 27 November 2015  
17 December 2015 31 December 2015 30 December 2015 17 December 2015
  28 January 2016 28 January 2016  
18 February 2016 25 February 2016 26 February 2016  
  31 March 2016 30 March 2016 17 March 2016
14 April 2016 28 April 2016 28 April 2016  
  26 May 2016 30 May 2016  
16 June 2016 30 June 2016 29 June 2016 16 June 2016
  28 July 2016 28 July 2016  
18 August 2016 25 August 2016 30 August 2016  
  29 September 2016 29 September 2016 15 September 2016
13 October 2016 27 October 2016 28 October 2016  
  24 November 2016 29 November 2016  
15 December 2016 29 December 2016 29 December 2016 15 December 2016

Disclaimer: This information is intended to provide general information regarding the BRICSMART products, and is not intended to, nor does it, constitute investment or other professional advice. It is prudent to consult professional advisers before making any investment decision or taking any action which might affect your personal finances or business.  The BRICS members constituting BM&FBovespa S.A; BSE Limited; Hong Kong Exchanges and Clearing Limited; Hong Kong Futures Exchange Limited; JSE Limited and Open Joint Stock Company "Moscow Exchange MICEX-RTS" ("BRICS members") do not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the accuracy or reliability of any advice, opinion, statement, or other data and information contained in, displayed on, linked to or distributed through this website.  Your interaction, correspondence or business dealings with third parties which are referred to on this website is entirely at your own risk and are solely between you and such third party.  You are solely responsible for identifying and familiarising yourself with any terms and conditions which will govern your relationship with such third party.  All intellectual property rights in the index values and constituent list in the BRICSMART products vest in the BRICS members who have obtained licence to use such intellectual property rights in the creation of the BRICSMART products.The BRICS members, their officers, employees and agents shall not be liable (including in negligence) for any loss or damage of any kind or nature arising from the use of or reliance on information provided here. 

BM&FBovespa S.A; BSE; Hong Kong Exchanges and Clearing; Hong Kong Futures Exchange; FTSE; JSE; Open Joint Stock Company "Moscow Exchange MICEX-RTS"; IBovespa; Hang Seng Index; FTSE/JSE Top40 Index and and MICEX Index word marks and logos are registered trademarks, used under license.

Copyright © Moscow Exchange, 2011 - 2016. All the rights for the information and analytical materials published on this website are protected in compliance with the Russian legislation. Before you start using the website, please read User Agreement carefully. Display, distribution or any other use of the information published on the Exchange’s website or any of its parts is allowed only upon receiving prior written authorization from the Exchange.