Turquoise now offers standardised futures contracts on seven Russian Depositary Receipts listed on the International Order Book of the London Stock Exchange:

Turquoise has worked closely with its members to design an innovative product that is the first of its kind globally. Features include:

IOB DR Dividend Futures
Contract Underlying	The Annual Gross Dividend paid per relevant DR. "Annual is defined as having gone ex between the first Business Day after the third Friday of December and the third Friday of December the following year."
Type of Contract	Cash settled Futures Contracts with Daily Cash Settlement.
Central Counterparty	LCH.Clearnet.
Trading Hours	08:15 - 15:30 London time for Orderbook trading. 07:30 - 17:30 London time for Trade Reporting.
Multiplier	100 DR dividends. This may change in specific cases in accordance with the Recalculation Rules.
Currency	USD, United States Dollar, $.
Quotation display	Future Price in USD.
Tick Size and Tick Value	Future Price Tick Size Tick Value USD 0.0000 - USD 0.9995 USD 0.0005 USD 0.05 USD 1.0000 - USD 4.9990 USD 0.0010 USD 0.10 USD 5.0000+ USD 0.0100 USD 1.00
Settlement style	Cash Settlement on Expiration with Daily Cash Settlement throughout the lifetime of the Contract.
Listing Day	The Monday preceding the Expiration Day each year. Where this is not a normal Trading Day, the preceding Trading Day shall be used.
Expiration Day	The third Friday in the Expiration Month (January). Where this is not a normal Trading Day, the preceding Trading Day shall be used.
Contract lifetimes and Expiration Months	Out to two years. First two contracts of the "January" cycle.
Daily Settlement Price	The most up to date announcement by the Depository Bank relating to the Dividend. In the period before any announcements are made, Turquoise will use relevant dividend forecasts as supplied by its chosen Dividend Information Provider. Note that the Daily Settlement Price is NOT adjusted for Fair Value.
Daily Cash Settlement	One Bank Day after the Trade Day/ calculation of Daily Settlement Price for cash movements of Daily Settlement Amounts.
Expiration Settlement Price	The amount of Gross Ordinary Dividend paid by the Depository Bank on or before the close of trading on the Expiration Day and normally rounded to four decimal places. This is in relation to the Dividends which are marked ex between the first Trading Day after the third Friday in December and the third Friday in December the following year.
Expiration Settlement	One Bank Day after Expiration for payment of Expiration Settlement Amount.

IOB DR Late Dividend Futures
Contract Trigger	Late IOB DR Futures only exist when a Dividend that was marked ex for a normal IOB DR Dividend Future has not been physically paid in its entirety by the Depository Bank before Expiration of the normal IOB DR Dividend Future Contract. Late IOB DR Dividend Contracts are extensions of normal Contracts to protect against any late payments of Dividends by Issuers.
Automatic Allocation	If not all Dividends are paid on the Underlying DR by Expiration, an equal position in "Late IOB DR Dividend Futures" is automatically created for any normal IOB DR Dividend Future position carried to Expiration. The position is opened at a price of zero and is subject to Daily Cash Settlement calculations specified below.
Contract Underlying	Remaining amount of ordinary Dividend that went ex in the relevant period for the normal Contract but was not paid by the Depository Bank before Expiration.
Type of Contract	Cash settled Future Contracts with Daily Cash Settlement.
Central Counterparty	LCH.Clearnet.
Trading Hours	08:15 - 15:30 London time for Orderbook trading. 07:30 - 17:30 London time for Trade Reporting.
Multiplier	As per Multiplier on the corresponding IOB DR Dividend Future at Expiration. This may change in specific cases in accordance with the Recalculation Rules.
Currency	USD, United States Dollar, $.
Quotation display	Future Price in USD.
Tick Size and Tick Value	Future Price Tick Size Tick Value USD 0.0000 - USD 0.9995 USD 0.0005 USD 0.05 USD 1.0000 - USD 4.9990 USD 0.0010 USD 0.10 USD 5.0000+ USD 0.0100 USD 1.00
Settlement style	Cash Settlement on Expiration with Daily Cash Settlement throughout the lifetime of the Contract.
Listing Day	The first Trading Day following Expiration of the corresponding IOB DR Dividend Future. This only occurs in accordance with the "Contract Trigger" (see above).
Expiration Day	The third Friday in the Expiration Month (January). Where this is not a normal Trading Day, the preceding Trading Day shall be used. Turquoise reserves the right to bring forward the Expiration Day once all outstanding Dividends have been physically paid.
Contract lifetimes and Expiration Months	Out to one year: First contract of the "January" cycle.
Daily Settlement Price	Determined by subtracting the Expiration Settlement Price of the corresponding IOB DR Dividend Future from the most up to date announcement by the Depository Bank relating to the relevant Dividend period.
Daily Cash Settlement	One Bank Day after the Trade Day/ calculation of Daily Settlement Price for cash movements of Daily Settlement Amounts.
Expiration Settlement Price	The remaining amount of Gross Ordinary Dividend paid by the Depository Bank during the Lifetime of the Late Contract which applies in relation to Dividends captured by the corresponding normal IOB DR Dividend Future.
Expiration Settlement	One Bank Day after Expiration for payment of Expiration Settlement Amount.