Moscow Exchange Introduces USD/RUB and EUR/RUB Fixing Instruments

The new instruments will create further business opportunities in OTC trading of rouble NDFs and risk hedging.

Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has just announced new opportunities and services to FX market participants. Effective yesterday, the venue has launched new instruments – USD/RUB and EUR/RUB fixing prices, with clearing and settlement via NCC Clearing Bank.

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The new currency fixings were introduced under the USDRUB_FIX0 and EURRUB_FIX0 symbols, representing the most liquid segments of the Russian FX market, and as such offering a useful reference for all market participants.

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The MOEX currency fixings 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 in 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, with the net return calculated at maturity as the difference between the forward rate and the MOEX fixing rate.

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.

Igor Marich, Managing Director for the FX and Money Markets at Moscow Exchange, commented: “The launch of instruments for FX fixing trading offers new opportunities to MOEX FX Market participants and allows them to reduce risks associated with FX and derivatives trading. The new service is in demand from international clients; it also helps to highlight of the fixing and the MOEX FX Market.”

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