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Russian DR dividend derivatives

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

Gazprom
Lukoil
Norilsk Nickel
Rosneft
Surgutneftegaz
VTB Bank


Turquoise has worked closely with its members to design an innovative product that is the first of its kind globally. Features include:
An objective, market-recommended and accepted solution to calculate daily settlement prices using market-leading derivative forecast data supplied by Markit
New innovative processing that prevents any unexpected profit or loss as a result of unusual dividend payment schedules.
An intelligent, simple and competitive pricing model that levies fees proportionate with contract exposure

Key resources:

Product Overview contains a full overview of the product including:
—   Contract specifications
—   Fees 
—   Listing cycles
—   Daily and final settlement prices calculations
—   Details on late dividend contracts including a worked example


Dividend futures factsheet is a two page document summarising the key features of the product that is useful to send to your clients

Useful product codes document provides dividend futures reference codes at launch for:
Bloomberg
Thomson Reuters

Series code convention document explains how Turquoise's product code is constructed

Rules Ammendment document gives details of all changes to the Turquoise Rulebook resulting from the introduction of dividend futures

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