Russia's Central Bank Losing the Battle for the Rouble as MOEX Raises RUB Margin Requirements
Wednesday,05/11/2014|09:07GMTby
George Tchetvertakov
The CBR wants a free-floating rouble without the need for regular market interventions by January 2015. However, due to geopolitical factors rouble demand has suffered in 2014 making intervention a necessity that prevents free-falling devaluation.
The Central Bank of Russia (CBR) just announced that the bank has changed its intervention policy for the US dollar-rouble Exchange rate and would now limit the size of its interventions to $350 million a day. The bank confirmed that it will continue to shift the rouble corridor by 5 kopecks after each tranche of $350mln is completed.
The bank has been incredibly active in managing the rate at which roubles are exchanged for US dollars, euros, yuan and gold, in response to extreme selling pressure following a destabilising conflict in the Ukraine and resulting sanctions in tandem with lower oil prices. In the first week of October, the CBR conducted almost $2 billion of currency intervention (RUB buying) in just two days.
One month on, and the USD/RUB rate has advanced (RUB depreciated) by over 12% and stands 20% lower year-to-date. The other issue that has changed is that the CBR has considerably less US dollar reserves on its balance sheet. The realisation of 'resistance if futile' when it comes to FX currency intervention against market forces seems to be dawning at the CBR.
Immediately after the CBR announcement at around 07:00 GMT, the USD/RUB rate rose to a new record high of 44.93 early in the European trading session. Against a basket of currencies including the euro and US dollar, the ruble depreciated by 2.9% to a record low of 50.08.
Russia's central bank also announced the introduction of a new 12-month FX repo auction aimed at providing stability to the Russian banking system and reducing the pressure on the rouble. The first auction is expected to take place in mid-November, with a limit of $10 billion.
MOEX
In related news, MOEX, the largest Russian Stock Exchange, has decided to raise minimum base initial margin requirements for the USD/RUB and EUR/RUB foreign exchange futures contracts as of today. The new requirement for both contracts is being set at 5.5% compared to the previous 4.5%.
The Central Bank of Russia (CBR) just announced that the bank has changed its intervention policy for the US dollar-rouble Exchange rate and would now limit the size of its interventions to $350 million a day. The bank confirmed that it will continue to shift the rouble corridor by 5 kopecks after each tranche of $350mln is completed.
The bank has been incredibly active in managing the rate at which roubles are exchanged for US dollars, euros, yuan and gold, in response to extreme selling pressure following a destabilising conflict in the Ukraine and resulting sanctions in tandem with lower oil prices. In the first week of October, the CBR conducted almost $2 billion of currency intervention (RUB buying) in just two days.
One month on, and the USD/RUB rate has advanced (RUB depreciated) by over 12% and stands 20% lower year-to-date. The other issue that has changed is that the CBR has considerably less US dollar reserves on its balance sheet. The realisation of 'resistance if futile' when it comes to FX currency intervention against market forces seems to be dawning at the CBR.
Immediately after the CBR announcement at around 07:00 GMT, the USD/RUB rate rose to a new record high of 44.93 early in the European trading session. Against a basket of currencies including the euro and US dollar, the ruble depreciated by 2.9% to a record low of 50.08.
Russia's central bank also announced the introduction of a new 12-month FX repo auction aimed at providing stability to the Russian banking system and reducing the pressure on the rouble. The first auction is expected to take place in mid-November, with a limit of $10 billion.
MOEX
In related news, MOEX, the largest Russian Stock Exchange, has decided to raise minimum base initial margin requirements for the USD/RUB and EUR/RUB foreign exchange futures contracts as of today. The new requirement for both contracts is being set at 5.5% compared to the previous 4.5%.
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Recorded live at FMLS:25 London, this exclusive executive interview features Jerry Khargi, Executive Director at OnePrime, in conversation with Andrea Badiola Mateos from Finance Magnates.
In this in-depth discussion, Jerry shares:
- OnePrime’s journey from a retail-focused business to a global institutional liquidity provider
- What truly sets award-winning trading infrastructure apart
- Key trends shaping institutional trading, including technology and AI
- The importance of transparency, ethics, and reputation in long-term success
- OnePrime’s vision for growth over the next 12–24 months
Fresh from winning Finance Magnates’ Best Trading Infrastructure Broker, Jerry explains how experience, mentorship, and real-world problem solving form the “special sauce” behind OnePrime’s institutional offering.
🏆 Award Highlight: Best Trading Infrastructure Broker
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#FMLS25 #FinanceMagnates #OnePrime #InstitutionalTrading #Liquidity #TradingInfrastructure #ExecutiveInterview
Recorded live at FMLS:25 London, this exclusive executive interview features Jerry Khargi, Executive Director at OnePrime, in conversation with Andrea Badiola Mateos from Finance Magnates.
In this in-depth discussion, Jerry shares:
- OnePrime’s journey from a retail-focused business to a global institutional liquidity provider
- What truly sets award-winning trading infrastructure apart
- Key trends shaping institutional trading, including technology and AI
- The importance of transparency, ethics, and reputation in long-term success
- OnePrime’s vision for growth over the next 12–24 months
Fresh from winning Finance Magnates’ Best Trading Infrastructure Broker, Jerry explains how experience, mentorship, and real-world problem solving form the “special sauce” behind OnePrime’s institutional offering.
🏆 Award Highlight: Best Trading Infrastructure Broker
👉 Subscribe to Finance Magnates for more executive interviews, market insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #OnePrime #InstitutionalTrading #Liquidity #TradingInfrastructure #ExecutiveInterview
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What makes an update worth covering in financial media?
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, editorial focus starts with relevance: stories that serve the industry, support brokers and technology providers, and help decision-makers navigate their businesses.
A reminder that strong financial journalism is built on value, not volume.
What makes an update worth covering in financial media?
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, editorial focus starts with relevance: stories that serve the industry, support brokers and technology providers, and help decision-makers navigate their businesses.
A reminder that strong financial journalism is built on value, not volume.
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This webinar will focuses on how brokers can create new revenue streams by launching or enhancing their liquidity business.
John Murillo, Chief Dealing Officer of the B2BROKER group, covers how:
- Retail brokers can launch their own B2B arm to distribute liquidity and boost profitability.
- Institutional brokers can upgrade their liquidity offering and strengthen their market position.
- New entrants can start from scratch and become liquidity providers through a ready-made turnkey solution.
Hosted by B2BROKER, a global fintech provider of liquidity and technology solutions, the session will reveal how to monetize liquidity, accelerate business growth, and increase profitability using the Liquidity Provider Turnkey solution.
📣 Stay updated with the latest in finance and trading! Follow Finance Magnates across our social media platforms for news, insights, and event updates.
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This webinar will focuses on how brokers can create new revenue streams by launching or enhancing their liquidity business.
John Murillo, Chief Dealing Officer of the B2BROKER group, covers how:
- Retail brokers can launch their own B2B arm to distribute liquidity and boost profitability.
- Institutional brokers can upgrade their liquidity offering and strengthen their market position.
- New entrants can start from scratch and become liquidity providers through a ready-made turnkey solution.
Hosted by B2BROKER, a global fintech provider of liquidity and technology solutions, the session will reveal how to monetize liquidity, accelerate business growth, and increase profitability using the Liquidity Provider Turnkey solution.
📣 Stay updated with the latest in finance and trading! Follow Finance Magnates across our social media platforms for news, insights, and event updates.
Connect with us today:
🔗 LinkedIn: / https://www.linkedin.com/company/financemagnates/
👍 Facebook: / https://www.facebook.com/financemagnates/
📸 Instagram: / https://www.instagram.com/financemagnates_official/?hl=en
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Join us for an exclusive interview with Stephen Miles, Chief Revenue Officer at FYNXT, recorded live at FMLS:25. In this conversation, Stephen breaks down how modular brokerage technology is driving growth, retention, and efficiency across the brokerage industry.
Learn how FYNXT's unified yet modular platform is giving brokers a competitive edge—powering faster onboarding, increased trading volumes, and dramatically improved IB performance.
🔑 What You'll Learn in This Video:
- The biggest challenges brokerages face going into 2026
- Why FYNXT’s modular platform is outperforming in-house builds
- How automation is transforming IB channels
- The real ROI: 11x LTV increases and reduced acquisition costs
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#FYNXT #StephenMiles #FMLS2025 #BrokerageTechnology #ModularTech #FintechInterview #DigitalTransformation #FinancialMarkets #CROInterview #FintechInnovation #TradingTechnology #IndependentBrokers #FinanceLeaders
Join us for an exclusive interview with Stephen Miles, Chief Revenue Officer at FYNXT, recorded live at FMLS:25. In this conversation, Stephen breaks down how modular brokerage technology is driving growth, retention, and efficiency across the brokerage industry.
Learn how FYNXT's unified yet modular platform is giving brokers a competitive edge—powering faster onboarding, increased trading volumes, and dramatically improved IB performance.
🔑 What You'll Learn in This Video:
- The biggest challenges brokerages face going into 2026
- Why FYNXT’s modular platform is outperforming in-house builds
- How automation is transforming IB channels
- The real ROI: 11x LTV increases and reduced acquisition costs
👉 Don’t forget to like, comment, and subscribe.
#FYNXT #StephenMiles #FMLS2025 #BrokerageTechnology #ModularTech #FintechInterview #DigitalTransformation #FinancialMarkets #CROInterview #FintechInnovation #TradingTechnology #IndependentBrokers #FinanceLeaders
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In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
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Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
