Как вернуть хеджеров на рынок российских финансовых производных

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  • ? : , 11-12 2006 .

  • () ,

  • 2005

  • 2005 , , :~$ 93 .

  • , ?

  • Urals Brent 4 . ( 2000 . 1,2 ./) 15% ( ~ 32.00 27.25) 2004-2005 .( 2004 .)20042120051x1.5x1.5RUB / USD

    1

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    1.71232317751.67705660651.55376933770.9798152583

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    1.70940858491.67822244361.59661384960.9815497776

    1.76536876361.73476554081.58437256050.9787991789

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    Crude Light

    Brent IPE

    Urals OTC

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    .

    Crude LightHeating OilNatural GasBrent, IPEUrals N-WEHeating OilCrude LightNatural GasBrentUralsHeating OilCrude LightNatural GasBrentUralsBrentUrals /

    $/$/$/.$/NYMEXIPEOTCNYMEXIPEOTCIPEOTCClose(Bid)

    Line TimeCLOSECLOSECLOSECLOSEClose(Last Quote)$ / MbtuCL of 1st week 2004 = 1Brent W1'2004 = 1

    01/05/0434.31.07.331.427.17.2115.6587.2875.1734.4691 . 20041.2751.0001.2880.9140.7901.0000.8641.0001 . 200429.23

    01/12/0435.11.05.930.529.617.0045.7835.9405.0254.8831.2381.0221.0500.8880.8630.9710.9440.99028.9372

    01/20/0434.91.06.131.029.347.3245.7626.0595.1064.8381.2951.0181.0710.9020.8550.9870.9350.98528.7836

    01/26/0433.10.95.429.229.866.6535.4505.3974.8124.9241.1760.9630.9540.8500.8700.9300.9520.97528.506

    02/02/0432.50.95.428.827.136.1755.3565.3544.7544.4741.0910.9470.9460.8400.7910.9190.8650.97628.5246

    02/09/0434.60.95.530.626.366.7345.6995.5365.0414.3471.1901.0070.9780.8910.7680.9750.8400.97628.523

    02/17/0435.60.95.230.728.116.3335.8715.1935.0614.6361.1191.0380.9180.8940.8190.9780.8960.97328.4365

    02/23/0436.21.05.432.228.376.8645.9635.4165.3154.6781.2131.0540.9570.9390.8271.0270.9040.97528.5

    03/01/0437.30.95.433.430.196.6096.1445.4435.5004.9791.1681.0860.9620.9720.8801.0630.9620.97628.52

    03/08/0436.20.95.632.232.256.2785.9685.5965.3175.3181.1101.0550.9890.9400.9401.0281.0280.97628.5387

    03/15/0438.10.95.633.330.766.7066.2805.5825.4855.0731.1851.1100.9870.9690.8971.0600.9810.97528.5

    03/22/0435.70.95.432.032.386.3725.8925.3955.2755.3401.1261.0410.9540.9320.9441.0201.0320.97528.504

    03/29/0434.40.95.830.230.296.1095.6715.8124.9824.9951.0801.0021.0270.8800.8830.9630.9660.97528.503

    04/05/0437.10.95.933.328.276.6106.1255.9415.4984.6622 . 20041.1681.0821.0500.9720.8241.0630.9010.9752 . 200428.506

    04/12/0437.71.05.633.631.116.8596.2245.6105.5475.1301.2121.1000.9920.9800.9071.0720.9920.97628.5377

    04/19/0436.50.95.633.130.556.5496.0135.5715.4575.0381.1581.0630.9850.9640.8901.0550.9740.98028.6427

    04/26/0437.41.05.934.430.486.8116.1645.8625.6655.0261.2041.0891.0361.0010.8881.0950.9720.98928.9131

    05/03/0439.91.06.337.032.437.2606.5856.2946.1025.3481.2831.1641.1121.0780.9451.1801.0340.99229.0103

    05/10/0441.41.06.438.834.887.4356.8246.4016.3925.7521.3141.2061.1311.1301.0171.2361.1120.99028.95

    05/17/0439.91.06.436.536.727.1146.5856.3536.0216.0551.2571.1641.1231.0641.0701.1641.1710.99529.08

    05/24/0439.91.06.436.335.457.1376.5776.4425.9865.8461.2611.1621.1391.0581.0331.1571.1300.99128.9719

    06/01/0438.51.06.335.734.457.0166.3476.2615.8825.6811.2401.1221.1071.0401.0041.1371.0980.99329.021

    06/07/0438.51.06.235.433.077.1716.3416.1765.8445.4531.2671.1211.0921.0330.9641.1301.0540.99329.0359

    06/14/0438.81.06.536.231.487.3246.3906.5205.9715.1911.2941.1291.1521.0550.9181.1541.0040.99329.0175

    06/21/0437.61.06.435.032.487.2196.1926.3535.7675.3561.2761.0941.1231.0190.9471.1151.0350.99329.02

    06/28/0438.41.16.135.930.97.6626.3316.1485.9235.0961.3541.1191.0871.0470.9011.1450.9850.99229.01

    07/06/0440.01.16.137.132.467.7216.5906.1416.1105.3533 . 20041.3651.1651.0851.0800.9461.1811.0350.9923 . 200429.01

    07/12/0441.31.15.938.035.487.8286.8025.8876.2665.8511.3841.2021.0401.1081.0341.2111.1310.99629.11

    07/19/0441.71.16.138.336.348.0846.8786.1346.3115.9931.4291.2161.0841.1151.0591.2201.1580.99529.088

    07/26/0443.81.26.140.037.128.2637.2236.1126.6016.1211.4601.2771.0801.1671.0821.2761.1830.99529.0787

    08/02/0444.01.25.640.638.828.3907.2485.5886.7006.4021.4831.2810.9881.1841.1311.2951.2380.99629.101

    08/09/0446.61.25.543.939.238.6757.6815.5337.2366.4691.5331.3580.9781.2791.1431.3991.2510.99929.191

    08/16/0447.91.25.643.540.738.7837.8925.5527.1806.7171.5521.3950.9811.2691.1871.3881.2981.00029.2445

    08/23/0443.21.15.140.641.018.1837.1215.0826.7026.7631.4461.2590.8981.1841.1951.2961.3071.00029.2189

    08/30/0444.01.24.741.236.128.4067.2544.6756.7995.9561.4861.2820.8261.2021.0531.3141.1511.00029.22

    09/07/0442.81.24.640.236.628.3167.0604.5706.6296.0391.4701.2480.8081.1721.0671.2821.1670.99929.213

    09/13/0445.61.35.142.536.589.0297.5185.1087.0006.0321.5961.3290.9031.2371.0661.3531.1660.99929.209

    09/20/0448.91.45.445.340.089.6998.0615.3927.4756.6091.7141.4250.9531.3211.1681.4451.2781.00029.2175

    09/27/0450.11.46.846.640.449.9708.2656.7727.6886.6691.7621.4611.1971.3591.1791.4861.2890.99929.2133

    10/04/0453.31.57.249.739.9610.3868.7917.1638.1986.5904 . 20041.8361.5541.2661.4491.1651.5851.2740.9994 . 200429.2135

    10/11/0454.91.56.749.942.3411.0659.0586.7098.2346.9821.9561.6011.1861.4551.2341.5921.3501.00029.2177

    10/18/0455.21.68.151.243.4511.3899.0988.1058.4477.1652.0131.6081.4321.4931.2661.6331.3850.99629.1112

    10/25/0451.81.48.749.044.7110.3308.5368.7258.077

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