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Moscow Exchange transfers ruble-dollar pair trading from OTC to CETS

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•The Moscow Exchange has transferred trading in the ruble–US dollar currency pair from OTC mechanisms to its Centralized Electronic Trading System (CETS).
•The Moscow Exchange has begun trading an instrument described as an analogue or “equivalent” of the US dollar for use in exchange rate calculations.
•The Bank of Russia has publicly evaluated or commented on the prospects of this new “dollar equivalent” instrument for use in determining exchange rates.
•The real effective exchange rate of the ruble increased by 1.9% in January, according to data from the Bank of Russia.
•The ruble has recently appreciated against the yuan on the Moscow Exchange amid expectations of positive foreign policy developments.

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▸If liquidity in the ruble–dollar pair increases after its transfer to CETS Then price discovery for the ruble’s implied dollar rate on the Moscow Exchange could become more transparent and reduce reliance on fragmented OTC quotes for Russian banks and corporates.

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Exposición de Mercado

DivisaRUB/USD (onshore synthetic and implied rates)Mayor Volatilidad

If the shift of ruble–dollar trading to CETS and the use of a dollar analogue change liquidity patterns, implied RUB/USD pricing could experience higher short-term volatility.

Actores Clave

Países

🌍Russian Federation 🌍United States of America

Instrumentos

📈Russian ruble 📈United States dollar

Organizaciones

🏛Moscow Exchange

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Fuentes (7)

RUTASS (EN)Real effective exchange rate of ruble up 1.9% in January — Central Bank RUInterfax (RU)Реальный эффективный курс рубля в январе вырос на 1,9%RUInterfax (RU)Рубль на "Мосбирже" дорожает к юаню в ожидании внешнеполитического позитива RUKommersant (RU)На Мосбирже начались торги аналогом доллара США

The Moscow Exchange has shifted trading in the ruble–dollar pair from over-the-counter (OTC) mechanisms to its Centralized Electronic Trading System (CETS), while simultaneously launching an exchange-traded analogue of the US dollar for pricing purposes. The Bank of Russia is assessing the prospects of this new “dollar equivalent” for exchange rate calculations, as the ruble’s real effective exchange rate strengthened by 1.9% in January. These moves indicate an effort by Russian financial authorities and the exchange to formalize and centralize FX pricing under sanctions-related constraints on direct USD operations.