Initial Margin requirement on the MICEX-RTS derivatives market to be increased for the holidays season

Please be advised that in accordance with recommendations of the MICEX-RTS Derivatives committee, RTS Clearing Center have changed initial margin values for the FORTS Derivatives market, derivatives markets of Saint-Petersburg Exchange and Moscow Energy Exchange, Standard sector of the MICEX-RTS Securities market and RTS Money as follows.  

                                                                                                                                                                       

FORTS futures contracts on/instrument of the Standard section/RTS Money Instruments	Initial Margin Size
	Basic size*	Size for the holidays period	Increase
RTS Index	10%**	15%**	1,5
RTS Standard Index	10%	15%	1,5
Russian Volatility Index	30%**	45%**	1,5
RTS Index	10%	15%	1,5
RTS Standard Index	35%**	35%**	1
sector index RTSog	35%**	35%**	1
MMC NORILSK NICKEL ordinary shares	15%	22,5%	1,50
Gazprom ordinary shares	12%	20%	1,67
LUKOIL ordinary shares	12%	15%	1,25
Rosneft ordinary shares	15%	22,5%	1,50
Sberbank ordinary shares	12%	20%	1,67
Surgutneftegas ordinary shares	15%	22,5%	1,50
VTB Bank ordinary shares	15%	22,5%	1,50
MTS ordinary shares	20%	25%	1,25
NOVATEK ordinary shares	20%	25%	1,25
Transneft preferred shares	15%	25%	1,67
Sberbank preferred shares	15%	22,5%	1,50
RusHydro ordinary shares	15%	22,5%	1,50
RDRs representing rights on shares of United Company RUSAL Plc	20%	25%	1,25
Tatneft ordinary shares	20%	25%	1,25
Severstal ordinary shares	20%	30%	1,50
Uralkali ordinary shares	20%	25%	1,25
Surgutneftegas preferred shares	15%	20%	1,33
FGC UES ordinary shares	20%	30%	1,50
NLMK ordinary shares	25%	30%	1,20
Polymetal ordinary shares	25%	30%	1,20
MMK ordinary shares	25%	30%	1,20
Aeroflot ordinary shares	25%	25%	1,00
INTER RAO UES ordinary shares	20%	22,5%	1,13
IDGC Holding ordinary shares	25%	30%	1,20
MOSENERGO ordinary shares	25%	25%	1,00
NCSP ordinary shares	25%	25%	1,00
OGK-1 ordinary shares	25%	30%	1,20
OGK-2 ordinary shares	25%	30%	1,20
WGC-3 ordinary shares	25%	30%	1,20
Raspadskaya ordinary shares	25%	30%	1,20
Gazprom Neft ordinary shares	20%	25%	1,25
TGC-1 ordinary shares	25%	30%	1,20
на Troika Dialog AM, "Troika Dialog – RTS Standard Index", fund units	15%	20%	1,33
Rostelecom ordinary shares	20%	25%	1,25
USD/RUB exchange rate	3,5%	5%	1,43
US Dollar	3,5%	5%	1,43
EUR/RUB exchange rate	3,5%	5%	1,43
EUR/USD exchange rate	3.5%**	5%**	1,43
AUD/USD exchange rate	5%**	5%**	1
GBP/USD exchange rate	3.5%**	5%**	1,43
average rate of the overnight MosPrime credit	***	***
average rat      e of the three month MosPrime credit	15%	22,5%	1,50
2-year Russian Federation government bonds	1,5%	2%	1,33
4-year Russian Federation government bonds	2,5%	3,5%	1,40
6-year Russian Federation government bonds	3,5%	4%	1,14
Gold	8%**	12%**	1,50
Refined silver	16%**	22.5%**	1,41
Raw sugar	12%	16%	1,33
URALS oil	15%**	20%**	1,33
BRENT oil	10%**	16%**	1,60
Refined platinum	10%**	15%**	1,50
Refined palladium	12%**	20%**	1,67
Copper	10%	15%	1,50
Summer diesel fuel	15%	20%	1,33
Gas-oil	12%	16%	1,33
Corm	12%	16%	1,33
Wheat	12%	16%	1,33
Cotton	12%	20%	1,67
Soy beans	12%	16%	1,33
monthly contracts on the power index at the 'Center' hub (in basic load hours)	15%	18%	1,20
quarterly contracts on  the power index at the 'Center' hub (in basic load hours)	10%	12%	1,20
annual contracts on the index at the 'Center' hub (in basic load hours)	5%	6%	1,20
monthly contracts on the power index at the 'Center' hub (in peak load hours)	15%	18%	1,20
quarterly contracts on the power index at the 'Center' hub (in peak load hours)	10%	12%	1,20
annual contracts on the power index at the 'Center' hub (in peak load hours)	5%	6%	1,20
monthly contracts on the power index at the 'Ural' hub (in basic load hours)	15%	18%	1,20
quarterly contracts on the power index at the 'Ural' hub (in basic load hours)	10%	12%	1,20
annual contract son the power index at the 'Ural' hub (in basic load hours)	5%	6%	1,20
monthly contracts on the power index at the 'Ural' hub (in peak load hours)	15%	18%	1,20
quarterly contracts on the power index at the 'Ural' hub (in peak load hours)	10%	12%	1,20
annual contracts on the power index at the 'Ural' hub (in peak load hours)	5%	6%	1,20
power index at the 'Eastern Siberia' hub (in basic load hours)	15%	18%	1,20
power index at the 'West Siberia' hub (in basic load hours)	15%	18%	1,20

* In per cent of the contract's price.
** Values of the initial margin basic size in rubles are greater than those indicated hereinabove for these contracts as the current USD/RUB exchange rate is used to calculate variation margin and initial margin sizes.
*** Amount in rubles is determined by the formula max(2700; 15*Sqrt(N)*2*1000000/36500), where N – number of days for the period from the current day to the futures settlement day, Sqrt – square root.

The new values of the initial margin will be in effect starting from the end of the evening clearing session on April 27, 2012 to the evening clearing session on May 2, 2012.

In addition, in accordance with the recommendations of the MICEX-RTS Derivatives market committee, the following values of the collateral limits for the MICEX Derivatives market have been set for the period from April 28, 2012 through May 2, 2012:

• for the contracts on RUB/USD exchange rate: from 7% to 10%;
• for the contracts on interest rates: from 2% to 3%.

For further information, please contact the Public Relations Department at (495) 363-3232.