Index Policy

Benchmark oversight and regulation

The following committees of the Moscow Exchange Group oversee the index methodology and the index determination process:


Moscow Exchange undergoes independent external assurance reviews of its implementation of the IOSCO Principles for Financial Benchmarks on an annual basis. An independent auditor appointed by MOEX issues an assurance report that confirms MOEX’s compliance with the principles.   

The Principles for Financial Benchmarks published by the International Organization of Securities Commissions (IOSCO) have been widely adopted as industry standards aimed at enhancing openness and transparency of the benchmarking process. The principles create overarching regulatory framework for benchmarks that covers the following factors:

  • Governance;
  • Quality of the benchmark determination;
  • Quality of the methodology;
  • Responsibility of the financial benchmark’s administrator.

Assurance reports to Moscow Exchange in respect of the Statement of Compliance with the IOSCO Principles for Financial Benchmarks as at

  1. Note


On 14 July 2016, the Central Bank of Russia accredited the MOEX USD/RUB FX FIXING with the benchmark determination process acknowledged as satisfactory and the quality of the benchmark administration by Moscow Exchange as meeting the CBR’s requirements.  


On 1 January 2018, Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 took effect. It allows non-EU financial benchmarks to trade in the European Union.

MOEX Statement on BMR


On 18 July 2016, the Emerging Markets Traders Association (EMTA) recommended that Moscow Exchange's USD/RUB benchmark be used as the major settlement (reference) rate for OTC rouble derivatives (NDFs, NDOs) for its OTC FX members.

The MOEX USD/RUB FX FIXING is getting more and more popular among participants of the global financial market seeking a benchmark to settle trades in RUB-denominated derivative financial instruments.