MOEX to Launch Direct Rouble Trading with Japanese Yen and Turkish Lira

This is the de-dollarisation of foreign trade and international economic relations, the exchange says.

Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has just announced that it will be expanding the opportunities of its FX market participants, adding the Japanese yen and the Turkish lira to its currency portfolio. The venue is set to launch the new instruments – TRY/RUB and JPY/RUB currency pairs – in early 2018.

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

The new instruments will create further business opportunities for market participants and their clients through OTC trading of rouble non-deliverable forwards (NDF) and risk hedging. This will facilitate market liquidity, and reduce costs and risks for Russian and international participants.

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In recent years, MOEX’s FX market has developed from a limited segment within the Russian interbank market to a global trading platform for rouble operations. The bourse said that its new service is in demand from international clients and it also helps to promote the MOEX FX market.

Dmitry Piskulov, head of currency market development at the Moscow exchange, told Reuters that in the future “the Moscow Exchange would consider trading Vietnamese dong for roubles”, adding that there were some restrictions on the instrument because of Vietnamese currency regulation.

While the Turkish lira exists largely as a regional currency, except for in certain areas of Northern Cyprus, Piskulov said that the decision to start trading the currency was driven by a “political process” and market demand, as Turkey and Russia are trading partners.

“This is the de-dollarisation of foreign trade and international economic relations,” added Piskulov.

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