Moscow Exchange launches trading with CNY/RUB futures

Moscow Exchange, the leading marketplace for trading currencies and derivatives in Russia and the Commonwealth of Independent States, is enhancing its trading instruments lineup. Starting today, March 17th, the venue offers its clients to trade futures contracts on the pair Chinese Renminbi/Russian Rouble (CNY/RUB).

In its announcement, the Exchange says the main rationale for the launch was the increased Renminbi turnover on the marketplace. The turnover in Chinese Renminbi rose by massive 700% in 2014 to RUB 395 billion (CNY 48 billion). A record average daily trading volume of CNY 541 million was set in October 2014.

Other factors include the growing volume of settlement in this currency between Russia and China, as well as the newly arising demand for hedging of such transactions.

Andrey Shemetov, First Deputy CEO of Moscow Exchange, commented:

“The launch of the CNY/RUB futures is the next step made by the Moscow Exchange to offer a full range of Renminbi instruments and hedging tools to participants. We expect that the new contract will be liquid and in-demand as other Exchange’s derivatives, and facilitate the trade turnover between China and Russia”.

The contract is cash-settled against the Moscow Exchange CNY/RUB fixing. The expiry dates are every 15th day of March, June, September and December. Metallinvestbank will be the market maker for the contract.

Currently the lineup of FX futures that can be traded on the Moscow Exchange includes: USD/RUB, EUR/RUB, EUR/USD, AUD/USD, GBP/USD, USD/JPY, USD/CHF, USD/UAH, USD/CAD, and USD/TRY. The latest two additions to the list of Forex futures were introduced earlier this month, signifying MOEX’s commitment to enlarging the variety of instruments in the derivatives segment.

The official announcement by the Moscow Exchange can be read here.

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