09.09.2020 14:57

EBS eFix Matching to adopt MOEX FX fixings

Moscow Exchange has authorised the use of its MOEX USD/RUB 12:30 FX fixing and МОЕХ EUR/RUB 12:30 FX fixing by CME Group’s EBS eFix Matching Service platform. This will promote the MOEX FX fixings among a wider range of international banks and their clients on the global market and strengthen their status as the main global FX benchmarks for the Russian ruble.

According to the terms of license agreement, EBS eFix Matching will be able to provide the RUB fixing matching service for the international banks using MOEX fixings as the primary settlement rate in cash-settled ruble OTC forwards and options (NDFs and NDOs).

Since 2016, Moscow Exchange has had an agreement with CME Group to provide the MOEX USD/RUB benchmark to settle the exchange’s ruble-denominated currency futures and options. EBS and its eFix Matching platform has been part of CME Group since 2018.

The daily turnover of the global Russian ruble NDF/NDO market is estimated at USD 4-5 billion. Major market participants are large international banks offering NDFs for hedging currency fixing risk, big Russian banks and global bank subsidiaries in Russia.

Moscow Exchange publishes the USD/RUB, EUR/RUB and CNY/RUB FX fixings used as the principal settlement (reference) rate for OTC ruble derivatives (NDFs, NDOs), as well as the USD/RUB FX swap fixings (for swaps with maturities from one week to one year). The MOEX USD/RUB FX fixing is used to calculate the final settlement price of the MOEX currency futures contract.

MOEX USD/RUB FX fixing is officially used by non-deliverable ruble derivatives market participants as the internationally recognized RUB FX benchmark; it undergoes annual assurance reviews for compliance with the IOSCO Principles for Financial Benchmarks, is also in the ISDA's FX Definitions and has been recommended by the Emerging Markets Traders Association (EMTA) for using by its OTC FX members.

For more information on MOEX FX fixings, please visit Moscow Exchange’s website.

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