LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
On 29 January 2018, Moscow Exchange (MOEX) announced that it has started trading the Turkish Lira/Russian Rouble (TRY/RUB) currency pair. On its first day, the instrument saw turnover of RUB 1.5 million (TRY 100 thousand).
Initially, the Turkish Lira is available for buy/sell transactions with settlement on the trade date (TRYRUB_TOD) and a 100% margin requirement. The currency is traded from 10:00 until 11:00 MSK. Instruments with the T+1 settlement period (TRYRUB_TOM) and overnight swaps (TRY_TODTOM) without full pre-depositing required will be offered at a later date.
According to Igor Marich, Managing Director of Money and Derivatives Markets at Moscow Exchange, these new instruments in the MOEX FX offering will benefit clients of banks and brokers that conduct cross-border operations between Russia and Turkey.
The volume of foreign trade between Russia and Turkey rose by nearly 40% in 2017 to over USD 20 billion. Offering the Turkish Lira quoted directly against the Russian Rouble at the Exchange will help improve the status of the national currencies in settlements between the countries.