On 22 October 2018, an Indian rupee/US dollar FX futures contract began trading on the Moscow Exchange Derivatives Market, Moscow Exchange (MOEX) has just announced.
The contract is quoted in Indian rupees per US dollar. It will expire monthly. The contract size is USD 1,000.
Contract series with expiration in November and December 2018 as well as January 2019 have been admitted to trading.
The underlying asset’s code is UINR; the tick size is INR 0.0025; the tick value is INR 2.5.
Igor Marich, Managing Director of the Money and Derivatives Markets at Moscow Exchange, commented:
FX derivates are the most popular instruments on the MOEX Derivatives Market, accounting for 45% of total turnover. We are launching the INR/USD FX futures in the context of growing interest in emerging markets currencies from our clients, particularly individuals, banks and international investors. INR/USD FX derivatives are one of the most heavily traded FX contracts globally, so the new instrument is a logical addition to our current offering of futures and options.
According to half-year 2018 report published by the Futures Industry Association (FIA), futures contracts on the US dollar/Indian rupee currency pair are among the top three instruments worldwide by trading volume.
Moscow Exchange’s derivatives offerings include futures contracts on indices (MICEX, RTS, RVI and US500), currency pairs (USD/RUB, EUR/RUB, CNY/RUB, EUR/USD, AUD/USD, GBP/USD, USD/JPY, USD/CHF, USD/UAH, USD/CAD and USD/TRY), commodities (Brent, light sweet crude and precious metals), Russian single stocks, Russian Federation bonds (OFZ) and interest rates, as well as monthly and quarterly options on most futures, and weekly options on futures contracts on the RTS Index and the USD/RUB currency pair.