Outline of ‘Future of BRICS institutions’

 In the run-up to the 7th BRICS leaders Summit to be hosted by Russia, Foreign Minister Sergey Lavrov will attend an event in Moscow on Saturday to outline priorities for Russia within the group of five.

Chinese Foreign Minister Wang Yi(L) meets with his Russian counterpart Sergei Lavrov in New York, the United States, on Feb. 23, 2015 [Xinhua]
Chinese Foreign Minister Wang Yi(L) meets with his Russian counterpart Sergei Lavrov in New York, the United States, on Feb. 23, 2015 [Xinhua]

Russia’s National Committee on BRICS research is organizing a forum to discuss trade and a “fair world order”.

Lavrov will speak at the event on Saturday on the “future of BRICS-born institutions” said an official statement.

The biggest emerging markets are uniting to tackle under-development and currency volatility with setting up of institutions that encroach on the roles of the World Bank and International Monetary Fund.

They have already announced the launch of a $100 billion BRICS Development Bank and a $100 billion currency reserve fund. A BRICS Network University is also in the offing.

Russian President Vladimir Putin had in 2014 also proposed the countries come together under an energy alliance that will include a fuel reserve, as well as an institute for energy policy.

“We propose the establishment of the Energy Association of BRICS. Under this ‘umbrella’, a Fuel Reserve Bank and BRICS Energy Policy Institute could be set up,” Putin said.

A formal announcement on the BRICS Energy association is expected to be made during the BRICS Summit in Russia in July, Russian official sources said.

The group has already created the BRICS Stock Alliance an initiative to cross list derivatives to smooth the path for international investors interested in emerging markets.

Leaders of the five global powers will gather in the Russian town of Ufa on 8-9 July seeking to pin down further consolidation of political and economic ties.

The BRICS nations have called for an overhaul of management of the World Bank and IMF and oppose the practice of their respective presidents being drawn from the US and Europe.

A BRICS University in the works: Russia

May 15, 2015, 6:57 am

File photo: Educators turn the tassels for graduates at Zhejiang University, China [Xinhua]
File photo: Educators turn the tassels for graduates at Zhejiang University, China [Xinhua]

The BRICS economies want to institute a BRICS Network University that could be a potential victory for the cause of higher education in these five countries and to the international postgraduate market.

“A large-scale event to establish a BRICS Network University has been planned for September, and in October, a BRICS Global University Summit will take place in Moscow,” said Russian Deputy Minister of Education and Science Alexander Klimov in St. Petersburg.

He was speaking at an international conference on “Education and global cities” being held in the Russian city from May14-15.

Demographic changes in BRICS mean the appetite for higher education is expanding quickly and providing a source of international postgrad students that the US and UK are currently exploiting.

“Over the course of the next month and a half we should agree on the fundamental structure of BRICS University so that in September, the BRICS Network University, endorsed by all members of the association, will be officially established,” Klimov said.

Both the UK and US universities are heavily dependent on the BRICS, especially China and India, for their international numbers. India, by 2024, will be home to the largest tertiary-aged population, numbering over 119 million.

The ‘BRICS Working Group on Education’, comprised of senior officials and ministers will meet on 25-26 June and later in November in Moscow to formulate the development of the proposed university.

The discussions ahead of the 7th BRICS Summit in Russia is expected to highlight the critical role that education plays in creating a skilled workforce that meets the needs of industry in these emerging markets.

The BRICS – Brazil, Russia, India, China and South Africa – agreed to set up the $100 billion development bank last July, in a step toward reshaping the Western-dominated international financial system.

The BRICS Bank’s first president will take charge within the next ten days, said the Indian Finance Ministry on Thursday.

The Bank will have its headquarters in China with India holding its first rotating presidency.

Presidents Xi Jinping, Vladimir Putin, Dilma Rousseff, Jacob Zuma and Prime Minister Narendra Modi will meet in Russia on 8-9 July to further consolidate ties within the bloc.

TBP

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
27 November 2014 27 November 2014
18 December 2014 24 December 2014 30 December 2014 18 December 2014
29 January 2014 29 January 2014
19 February 2014 26 February 2014 26 February 2014
26 March 2014 30 March 2014 19 March 2014
16 April 2014 30 April 2014 29 April 2014
28 May 2014 28 May 2014
18 June 2014 25 June 2014 29 June 2014 18 June 2014
30 July 2014 30 July 2014
13 August 2014 27 August 2014 28 August 2014
24 September 2014 29 September 2014 17 September 2014
15 October 2014 29 October 2014 29 October 2014
26 November 2014 27 November 2014
17 December 2014 31 December 2014 30 December 2014 17 December 2014

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.

Moscow Exchange

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