RTS stock exchange and IFC METROPOL developed a number of analytical instruments – calculators – for efficient futures operations with FLB portfolio.
Cheapest-to-deliver RTS calculator is presented for the futures with maturity in December 2011. The calculator enables one to determine the most advantageous obligation and futures fair value, as well as to calculate the income in carry-trade strategies and dealings for a fall. The calculator is available on the   RTS stock exchange website ( http://www.rts.ru/ru/forts/equity/bonds/ ).
In their turn, IFC METROPOL, being one of the market makers in the FLB futures market, developed two calculators: Metropol hedging calculator and Metropol duration management calculator. 
Metropol hedging calculator enables one to determine an optimal amount of FLB futures for the hedging of an obligations portfolio. The instrument is constructed on the basis of specific features of Russian market to improve the quality of calculations.
Metropol duration management calculator is aimed at increasing  or decreasing obligations portfolio duration with the use of FLB futures. To achieve more precise calculations, the instrument not only uses portfolio and futures duration, but also takes into account historical connection between the earning capacity of a FBL futures and the earning capacity of the portfolio.
Metropol calculators are available on the websites of IFC METROPOL (http://ib.metropol.ru/fixed_income_research/index.wbp) and of RTS stock exchange (http://www.rts.ru/ru/forts/equity/bonds/ ).
The trading of futures contracts for the portfolio of federal loan bonds – supply contracts with the main asset formed by FBL portfolio including the most liquid of issued securities – started in February 2011 in the Futures and options market sector of RTS OJSC (FORTS). This type of contracts enables debt market players to manage interest-related risks efficiently at long sections of the profitability curve and broadens their market capabilities substantially.