Moscow Exchange Benchmarks Recognised as IOSCO Compliant

MOSCOW, March 17, 2016 /PRNewswire/ --

Moscow Exchange's (MOEX) benchmarks for the currency, equity, bond and money market segments have been recognised as compliant with the principles of the International Organization of Securities Commissions (IOSCO), confirming the Exchange's commitment to good global practices in financial benchmarking.

MOEX's robust benchmarks form the foundation for a number of financial products such as the Exchange's USD/RUB futures contract (one of the most-traded derivatives globally in 2015 by number of contracts), and RTS Index futures contract. Their IOSCO compliance was confirmed in an audit by Ernst & Young (EY).

Alexander Afanasiev, Moscow Exchange CEO, said: "Recognition of MOEX's benchmarks as IOSCO-compliant represents a milestone in the globalisation of our business. Our benchmarks are calculated using on-exchange trades and orders, in line with the best global practice of using market-based indicators rather than survey-based fixings. We expect this will further strengthen recognition of the Exchange's benchmarks among global as well as domestic investors and market participants."

Moscow Exchange calculates a range of daily benchmarks, including the RTS Index, MICEX Index, MOEX Aggregate Bond Index and other Russian benchmarks, as well as a number of benchmarks for the fast-growing FX Market, including USD/RUB, EUR/RUB and CNY/RUB exchange rates used to mark-to-market and settle RUB-denominated FX derivatives, and fixings for USD/RUB swaps with maturities ranging from one week to one year. Benchmarks are set based on transactions in the MOEX trading system, which is the most liquid segment of RUB-denominated FX transactions, accounting for 60% of the domestic interbank USD/RUB FX market in 2015. The MOEX RUB fixing is used to determine the final settlement price of USD-denominated futures available on MOEX.

MOEX's benchmarks guide and historical data are also available on the website.

NOTES TO EDITORS 

The International Organization of Securities Commissions (IOSCO) is the international body that brings together national securities regulators. The IOSCO Principles for Financial Benchmarks were published in July 2013 to create overarching guidelines for building and maintaining financial benchmarks. The Principles cover issues regarding the management, quality and transparency of indicators.

About Moscow Exchange 

Moscow Exchange Group manages the sole multifunctional exchange platform in Russia for equities, bonds, derivative instruments, currencies, money market instruments and commodities. The Group includes the central depository (National Settlement Depository), and a clearing centre (National Clearing Centre), performing the functions of central counterparty on the markets, which allows Moscow Exchange to render the full spectrum of trading and post-trading services to its clients.

Moscow Exchange ranks among the world's top 25 exchanges by total volume of equities traded, and also among the 10 largest exchange platforms by bonds and derivatives trading. As of 1 March 2015, securities of 727 issuers are admitted to trading on the Equities and Bond market of Moscow Exchange, including securities of the largest Russian companies by market capitalization.

Moscow Exchange was formed in December 2011 as a result of a merger between Russia's two main exchange groups - MICEX Group, the oldest domestic exchange and operator of the leading securities, foreign exchange and money market platform in Russia; and RTS Group, at the time the operator of Russia's leading derivatives market. This combination created a vertically integrated public trading market across most major asset classes, which was reorganized into an open joint stock company (OJSC) and was named Moscow Exchange. Moscow Exchange held the initial public offering of its shares on 15 February 2013 (ticker MOEX).