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The Emerging Markets Traders Association (EMTA) and the CME Group announced they are adopting the USDRUB benchmark developed by the Moscow Exchange (MOEX) as the major settlement rate for over-the-counter (OTC) rouble derivatives for OTC forex members. CME Group will also use MOEX’ benchmark for its ruble-denominated currency futures.
At the same time the EMTA and CME Group have agreed to discontinue the Russian Ruble Reference Rate Survey, used by EMTA as its ruble fixing since 1998. Furthermore, the trade organization has urged its members to use MOEX’ as their primary settlement rate option, starting from July 18.
Igor Marich, managing director of forex and money markets at the Moscow Exchange noted that the MOEX is the key platform for trading the RUB and and its forex volumes are growing. “Promotion of MOEX’s USD/RUB fixing and the benchmark’s recognition by large international banks and venues will help MOEX attract additional volumes of offshore ruble FX trading,” he said.
The MOEX calculates ruble rates for a number of currencies and fixings for USD/RUB forex swaps with maturities from one week to one year, based on market quotes and trades in its electronic trading systems. It is published daily on the exchange’s website, by Thomson Reuters, Bloomberg and other vendors.
The EMTA is based in New York and is the principal trade group for the emerging markets trading and investment community. Among its members are JP Morgan Chase, Morgan Stanley, Goldman Sachs, BNP Pariba, Sberbank, Deutsche Bank, Credit Suisse, Citi, HSBC Bank, etc.
The CME Group is one of the largest futures and options exchanges in the world and offers products across all major asset classes, including futures and options based on interest rates, equity indices, foreign exchange, energy, agricultural commodities, metals, weather and real estate.