The BRICS Exchanges Alliance will begin cross-listing benchmark equity-index derivatives on each other's trading platforms from March 30, the group said Wednesday.
In October, Hong Kong Exchanges & Clearing Ltd. (0388.HK) said it, Brazil's BM&F Bovespa (BVMF3.BR), India's BSE Ltd., Johannesburg Stock Exchange and Russia's MICEX-RTS had formed an alliance to cross-list products on their exchanges.
The group is starting to list equity products and is eyeing other product areas in which to expand, such as commodities, as they seek growth in emerging market investor bases.
The derivatives to be cross-listed and offered in the local currency and during the local trading hours of each exchange will include Brazil's IBOVESPA futures, Russia's MICEX Index futures, India's 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.
"This initiative gives a lot of opportunities for growth and development as it will allow local investors to diversify and gain exposure to other emerging markets through a locally listed product," said Ruben Aganbegyan, chief executive of Russia's MICEX-RTS.
-By Devon Maylie, Dow Jones Newswires; +27 11 783 7848; firstname.lastname@example.org