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Russian and IOB Derivatives

  • International Order Book DR Derivatives

London Stock Exchange Derivatives is firmly established as the leading international marketplace for Russian Equity & Index derivatives.

London Stock Exchanges’  International Order Book is firmly established as the leading international marketplace for the trading of Depositary Receipts. London Stock Exchange Derivatives markets offers trading and clearing of derivatives on Russian and other Depositary Receipts.

 Participants benefit from both the onscreen order book and the flexibility offered by our cleared only service, all of which are backed by the security of Central Counterparty Clearing with LCH Clearnet(LCH).

At exercise, clearing members can also take advantage of offsetting margin on equity positions which clear through LCH EquityClear.

For more information about the International Order Book (IOB); please visit: www.lseg.com/iob

Trading Hours

IOB DRs Open Close
Trading 08:00 15:30
Trade reporting 07:30 17:30

Expiry Cycles

For exact dates, please refer to the Trading Calendar

 

IOB DR options, IOB DR futures First two serial months and next four quarterly months of the "March, June, September and December" expiry cycle.

 

Corporate Actions

London Stock Exchange Derivatives applies clear guidelines to determine how a corporate action event affects the derivative contracts - find out more.

Factsheets

IOB Derivatives Factsheet

IOB Factsheet

Dividend Neutral Stock Futures (DNSF)

Dividend Neutral Stock Futures (DNSF) are now available on London Stock Exchange Derivatives Market. Contrary to standard stock futures, DNSF contracts will be adjusted in the case of cash, stock or scrip dividends, both ordinary and extraordinary, (both lot size and settlement price will be adjusted using the adjustment coefficient (K), as described below)

  • Definition: a physically settled single stock future unaffected by changes to expected dividend payments
  • Underlying available: OGZD,SBER, LKOD, MNOD, ROSN, VTBR
  • Use: provide an exchange traded substitute to OTC financing instruments such as Total Return Swaps (TRS). All DNSF will be cleared via LCH Clearnet
  • Specifications: any expiration out to two years can be selected. Trade prices up to 4 decimal points are accepted. Standard contract size of 100 DRs.
  • Trading: Trade Reporting (no order book at launch) and Hidden (unpublished trades) only.
  • Adjustment Method in case of dividend: in the case of cash, stock or scrip dividends, both ordinary and extraordinary, DNSF contracts will be adjusted (both lot size and settlement price will be adjusted using the adjustment coefficient (K)).

The Adjustment coefficient (K) used to amend the Dividend Neutral Stock Futures contracts is calculated as follows:

                       

 

Pcum = Cum Price

Dord = amount of the ordinary dividend

Dext = amount of the extraordinary dividend

 

Corporate Actions

For more details on Corporate Actions treatment, please refer to the Corporate Action Policy of London Stock Exchange Derivatives Market- find out more.