Moscow Exchange replaces ECB with Thomson Reuters and itself for FX Settlement


Russia’s Moscow Exchange is making moves, today it released new specifications which will come into force on September 8th for cash-settled EUR/USD, GBP/USD, AUD/USD, USD/JPY, USD/CHF, USD/UAH, USD/RUB, and EUR/RUB futures.

The specifications incorporate recommendations by Moscow Exchange’s Derivatives Market and FX Market Committees to use the following new fixings to determine EUR/USD and EUR/RUB futures settlement prices from September:

EUR/USD futures:

EUR/RUB futures:

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Use of the new fixings will allow to unify a settlement procedure for futures on RUB currency pairs (USD/RUB, EUR/RUB) as well as for non-RUB currency pairs (EUR/USD, GBP/USD, AUD/USD, USD/JPY, USD/CHF). Starting from September, settlement prices for futures on RUB pairs will be determined simultaneously, at 12:30 pm MSK, using Moscow Exchange’s currency fixings. The fixings are calculated by a single methodology that uses order and trade prices in the relevant instruments on the exchange’s FX Market. Settlement prices for futures on non-RUB currency pairs will also be determined simultaneously, at 11:00 am London time, using the relevant exchange rates from Thomson Reuters’ FXFIX page.

Please be reminded that EUR/USD and EUR/RUB futures will be settled, using the new fixings, on September 15th.

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Moscow Exchange replaces ECB with Thomson Reuters and itself for FX Settlement

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