RUSSIA: MOEX Launches Floating-Rate Repo with Automatic Interest Capitalization

Monday August 17 2026

Moscow Exchange (MOEX) announced that the exchange will introduce repo transactions with a central counterparty (CCP) with automatic interest capitalization, secured by clearing participation certificates (CPCs) on 14^th September 2026. Repo transactions will be conducted in a non-addressed mode (“order book”) at a floating rate linked to one of the indicators chosen by the participants: the Bank of Russia key rate or the RUSFAR money market index calculated by Moscow Exchange. The floating rate for transactions is comprised of the indicator and a spread, the size of which is determined by the parties to the transaction.

This innovation will allow participants to automatically reinvest accrued interest at the current rate in a non-addressed mode with the ability to unilaterally manage the transaction term without the need to renegotiate the repo agreement daily.

The new money market trading regime will expand opportunities for participants and their clients and will also encourage greater use of floating-rate instruments for liquidity management.

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