Translartion. Region: Russians Fedetion –
Source: Moscow Exchange – Moscow Exchange –
Trading volumes on the Moscow Exchange standardized derivatives market increased by 77% in 2024, from 8.3 trillion to 14.7 trillion rubles.
Today, 85 Russian financial sector companies conclude transactions on the DFI market, of which 20 companies entered the market in 2024. In particular, non-state pension funds and insurance companies received the opportunity to conduct transactions with over-the-counter derivatives with a central counterparty (CCP) last year.
Today on on the Moscow Exchange’s SPF market Interest rate swaps, currency swaps, currency-interest rate swaps, currency forwards with a maturity of three days to 10 years depending on the type of instrument are traded. The instruments of the SPFI market provide the opportunity for the most flexible management of currency and interest rate risks in transactions on the markets of the underlying asset.
Transactions on the SFD market are concluded with the CCP, which allows combining the flexibility of over-the-counter derivatives and the reliability of the Moscow Exchange settlement infrastructure. This also frees financial market participants from the need to assess the risks of each counterparty and sign general agreements with all of them, reduces capital costs and takes advantage of unified clearing and collateral with other Moscow Exchange markets.
Since its launch in 2013, the SFI market has developed in two directions – exchange and over-the-counter. Since 2019, the trading activity of participants has been concentrated exclusively in over-the-counter transactions with a central counterparty. In connection with this, a decision was made to terminate the functioning of the exchange segment of the SFI market., and May 13, 2022 was set as the last trading day on which exchange contracts could be concluded on the SFD market.
Moscow Exchange will continue to develop tools for managing various types of risks. In December 2024, the SFI market was launched new trading and clearing system “SAPFIR”, which combines advanced trading and clearing solutions, as well as technological and methodological services in the field of risk management of the NCC. The peculiarity of the new TCS is the ability to quickly launch new over-the-counter instruments at the request of participants, which allows for an effective response to changes and market needs. Thanks to this opportunity, participants will be able to hedge credit, commodity and other types of risks in the future.
The Moscow Exchange Group operates the only multifunctional exchange platform in Russia for trading shares, bonds, derivatives, currencies, money market instruments and commodities. The Group includes a central depository and a clearing center that acts as a central counterparty in the markets, which allows Moscow Exchange to provide its clients with a full cycle of trading and post-trading services.
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