Two new currency pairs pioneer on Moscow futures exchange

moscow exchangeRussia’s fast developing currency exchange sector has added another milestone to its derivative trading activities. The Moscow exchange announced today that trading in futures of “US dollar to Canadian dollar” and “US Dollar to Turkish Lira” will commence in the second quarter of the year.

Traders will be able to execute contracts from June 2015, with margins of 4% on USDCAD contracts and 7% margin on USDTRY. The quotes for these new instruments will be provided by the official market maker – AKB Metallinvestbank. As the new currency pairs pioneer on Moscow’s futures exchange, it adds to strength of currency trading segment, which already accounts for about 55% of the aggregate turnover, according to statistics from the exchange.

February experienced a strong rise in trading volume of the Moscow exchange with an aggregate FX volume of to RUB 19.6 trln ($315 billion), a 37% increase from the previous month. On a year on year basis, the volumes are 10.8% higher, with the following breakdown;

  • with spot currency trades responsible for RUB 7.8 trillion ($125 billion)
  • swap trades totaled RUB 11.8 trillion ($189 billion).
  • swap trades totaled RUB 11.8 trillion ($189 billion).

This is another boost to fortify the financial sector in Russia as Two new currency pairs pioneer on Moscow futures exchange, following regulators effort to curb financial crimes. We recently reported that the Russian and Cypriot regulators entered a new partnership, which therefore ensures that there will be a backdrop in Cyprus’ status, due to the evident offshore zone of the Russian Ruble.

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