RUSSIA: MOEX Announces EBS eFix Matching to Adopt MOEX FX Fixings

Thursday September 10 2020

On 9^th September 2020, Moscow Exchange (MOEX) announced that it has authorised the use of its MOEX USD/RUB 12:30 FX fixing and МОЕХ EUR/RUB 12:30 FX fixing by CME Group’s EBS eFix Matching Service platform. This will promote the MOEX FX fixings among a wider range of international banks and their clients on the global market and strengthen their status as the main global FX benchmarks for the Russian ruble.

According to the terms of license agreement, EBS eFix Matching will be able to provide the RUB fixing matching service for the international banks using MOEX fixings as the primary settlement rate in cash-settled ruble OTC forwards and options (NDFs and NDOs).

Since 2016, Moscow Exchange has had an agreement with CME Group to provide the MOEX USD/RUB benchmark to settle the exchange’s ruble-denominated currency futures and options. EBS and its eFix Matching platform has been part of CME Group since 2018.

The daily turnover of the global Russian ruble NDF/NDO market is estimated at USD 4-5 billion. Major market participants are large international banks offering NDFs for hedging currency fixing risk, big Russian banks and global bank subsidiaries in Russia.

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