MOEX Expands Commodities Derivatives with Silver Futures

These deliverable futures will be denominated in roubles and the weight will be measured in grams.

The Moscow Exchange will begin trading of deliverable silver futures on its Derivatives Market, in a move to further prop up its commodities liquidity, which currently includes gold futures.

The new contract will link Moscow Exchange’s precious metals, and derivatives markets as silver will be delivered via the Precious Metals Market spot section. These deliverable futures will be denominated in roubles and the weight will be measured in grams.

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The contract size is ten grams and will expire monthly while its ticker symbol was named SL. At launch, the contract series with expiration in November and December 2019 and January 2020 will be introduced, MOEX said.

“The new instrument expands the on-exchange precious metals market and provides additional trading opportunities to both private investors and professional participants (banks and brokers) as well as precious metals market including jewelry companies and non-ferrous metal working plants,” the exchange said.

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Kremlin-backed bid to make Moscow a global hub

The Russian bourse has been developing its infrastructure amid Kremlin-backed efforts to make MOEX one of the world’s leading financial hubs. In recent years, for example, MOEX’s FX market has developed from a limited segment within the Russian interbank market to a global trading platform for ruble operations.

The MOEX currency family also offers benchmarks for a number of currency pairs, mainly thanks to its high liquidity, transparency, and historical foundation.

Earlier this year, the exchange has expanded its foreign exchange (forex) offering by launching trading in the US dollar/Japanese yen (USD/JPY) currency pair. The bourse said that the new trading pairs in demand from international clients and the latest additions also help promote the MOEX FX market.

MOEX, which runs one of the largest FX trading platforms, revealed that its total FX turnover in September came in at RUB 25.1 trillion ($384 billion), falling by 9.4 percent month-over-month from RUB 27.8 trillion ($416 billion) in August.

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