Final settlement prices determined for Brent futures (Brent-5.19)

Source: Moscow Stock Exchange

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Final settlement price of RUONIA futures contracts

Source: Moscow Stock Exchange

Copyright © Moscow Exchange, 2011 – 2019. All the rights for the information and analytical materials published on this website are protected in compliance with the Russian legislation. Before you start using the website, please read User Agreement carefully. Display, distribution or any other use of the information published on the Exchange’s website or any of its parts is allowed only upon receiving prior written authorization from the Exchange.

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Settlement price for Brent Futures (BR-5.19) on 2 May 2019

Source: Moscow Stock Exchange

Please note that, on 2 May 2019, the settlement price of the MOEX Brent Futures contract (BR-5.19) will be the ICE Brent Index price set to be the settlement price of the ICE Brent Crude Futures (expiring in June 2019), as published on ICE Futures Europe’s website on 1 May 2019.

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New rules of operation on the Grain Market and provision in financial statements

Source: Moscow Stock Exchange

Tomorrow, on 30 April 2019, the Exchange Council of NAMEX (part of Moscow Exchange Group) will gather to discuss on-exchange grain market operations.
Moscow Exchange has offered trading in agricultural products since 2015. It provides a wide range of derivative financial instruments for trading in wheat, corn, barley, soya, sunflower seeds and sugar. On-exchange trades facilitate access to agricultural sales markets for manufacturers, as well as expanding the sales geography and providing an opportunity to obtain financial resources against a current underlying asset. At the same time, consumers purchase grain at an exchange-quoted price with guaranteed trade execution and delivery of goods.
Since the launch of trades in 2015, 14 brokerage firms serving more than 300 clients have joined the grain market, while seven large agricultural holdings have gained direct access and 59 elevators in different regions in Russia have obtained accreditation. Over FY 2018 and Q1 2019, trading volumes reached 200 thousand tons of grain and nearly 90 thousand tons of sugar, while trading volume of swap trades for the period exceeded 5.5 million tons of grain.
In 2019, seasonal risks related to grain storage in elevators have increased substantially. Specifically the Exchange faces shortages of grain used as collateral under swap trades, allegedly due to theft. The Exchange has filed a claim for the initiation of criminal proceedings and is taking all necessary actions to reclaim the missing collateral, including by seeking insurance compensation. The interests of market participants are fully protected by NCC, the central counterparty and the operator of commodity deliveries, which guarantees trade execution for bona fide participants and assumes the risk related to the storage of goods.
To minimise storage-related risks, Moscow Exchange is now accepting new grain to elevators only on condition that additional requirements are met. The sugar market continues to operate without any restrictions, as the identified storage risks relate solely to the grain market.
Moscow Exchange has created a provision in its Q1 2019 IFRS financial statements planned to be released on 17 May 2019 of RUB 2.4 bln. In accordance with the Exchange’s conservative approach, this provision reflects the upper estimate of risks that could be realized due to the above described situation. Subsequently, the Exchange will adjust the size of the provision as obligations to the company are met and as it receives other compensation, including insurance.
Moscow Exchange sees the Commodities Market as one with high growth potential, and will continue to develop the market while strengthening mitigation of risks related to grain storage.

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Eleven ETFs to migrate to settlement on T+2

Source: Moscow Stock Exchange

On 6 May 2019, trading in Exchange Traded Funds (ETFs) under the Finex ETF and ITI Funds brands will migrate to a T+2 settlement cycle in USD without full collateral required. ·       Nine FinEx ETFs will be transferred from the order book with same day settlement in USD (board ID: EQTD) to the order book with settlement on T+2 in USD (board ID: TQTD); trading in the ETFs in EQTD board will be terminated;·       Two ITI Funds ETFs will be admitted to trading with settlement on T+2 in USD.
Investors will then be able to trade ETFs both in RUB and USD with a unified T+2 settlement cycle.
The move will help reduce costs for investors as they will no longer need to convert currency to trade the ETFs, as well as expand the list of brokers providing investments in ETFs denominated in foreign currency.  
Currently, trades in FinEx ETFs are settled same day in USD, ITI Funds ETFs are settled only in RUB.  
 
Code
Name
ISIN
 
 
1.      
FXAU
FinEx MSCI Australia UCITS ETF
IE00BD3QF110
 
2.      
FXCN
FinEx MSCI CHINA UCITS ETF
IE00BD3QFB18
 
3.      
FXGD
FinEx Gold ETF USD
IE00B8XB7377
 
4.      
FXJP
FinEx MCSI Japan UCITS ETF
IE00BD3QJ310
 
5.      
FXRL
FinEx RTS UCITS ETF USD
IE00BQ1Y6480
 
6.      
FXRU
FinEx Rus Eurobonds ETF (USD)
IE00BD5FH213
 
7.      
FXTB
FinEx USD CASH EQUIVALENTS ETF
IE00BL3DYW26
 
8.      
FXUS
FinEx MSCI USA UCITS ETF
IE00BD3QHZ91
 
9.      
FXIT
FinEx MSCI USA IT UCITS ETF
IE00BD3QJ757
 
10.    
RUSB
ITI FUNDS RUSSIA-FOCUSED USD
LU1483649825
 
11.    
RUSE
ITI FUNDS RTS EQUITY ETF
LU1483649312
 

For more details, please follow this link.

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Oleg Viyugin re-elected as Chairman of the Moscow Exchange Supervisory Board

Source: Moscow Stock Exchange

The Supervisory Board newly elected at the Annual General Meeting of Shareholders held its first meeting on 25 April 2019. At the Board meeting, Oleg Viyugin, independent director, was re-elected as Chairman of the Supervisory Board.
The Supervisory Board named members and chairpersons to its Strategic Planning, Budget, Nomination and Remuneration, Audit, Risk Management and Technical Policy Committees.
Audit Committee members: Paul Bodart, Maria Gordon, Alexander Izosimov and Rainer Riess. Maria Gordon was elected the Chairperson.
Budget Committee members: Mikhail Bratanov, Maria Gordon and Andrey Golikov. Andrey Golikov was elected the Chairperson.
Nomination and Remuneration Committee members: Mikhail Bratanov, Oleg Viyugin, Maria Gordon and Alexander Izosimov. Mikhail Bratanov was elected the Chairperson.
Strategy Planning Committee members: Iliya Bakhturin, Paul Bodart, Oleg Viyugin, Andrey Golikov, Dmitriy Eremeev, and Rainer Riess. Rainer Riess was elected the Chairperson.
Technical Policy Committee members: Dmitriy Eremeev, Alexander Izosimov, Vladimir Kurlyandchik, Kirill Menshov and Yuriy Yartsev. Alexander Izosimov was elected the Chairperson.
Risk Management Committee members: Mikhail Bratanov, Andrey Golikov and Valeriy Goreglyad. Andrey Golikov was elected the Chairperson.
Moscow Exchange seeks to continuously strengthen its corporate governance and to increase the number of independent directors on the Board. The Board currently is comprised of 12 directors, seven of whom have been recognized as independent.

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The additional trading session starts later for Derivatives market on 2, 8, 15, 16, 23, 28 and 30 May 2019

Source: Moscow Stock Exchange

Please note that the Derivatives Market evening trading session will begin five minutes later, i.e. at 7:05 pm MSK, on 2, 8, 15, 16, 23, 28 and 30 May 2019, as these are the last trading days for options contracts (in accordance with clause 6.2 of the Rules of organized trading for the Moscow Exchange Derivatives Market).

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Final settlement price of Light Sweet Crude Oil Futures (CL-4.19)

Source: Moscow Stock Exchange

Copyright © Moscow Exchange, 2011 – 2019. All the rights for the information and analytical materials published on this website are protected in compliance with the Russian legislation. Before you start using the website, please read User Agreement carefully. Display, distribution or any other use of the information published on the Exchange’s website or any of its parts is allowed only upon receiving prior written authorization from the Exchange.

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Moscow Exchange to expand FX offering

Source: Moscow Stock Exchange

In order to expand FX trading opportunities for market participants and boost liquidity, Moscow Exchange will introduce new instruments and services on its FX Market on 22 April 2019:
Matching at the weighted average USD/RUB FX rate correlating to the Bank of Russia’s official rate;
A pilot USD/RUB order book;
New instruments for the Japanese Yen/Russian Ruble (JPY/RUB) currency pair;
New currency pairs, US Dollar/Chinese Yuan (USD/CNY) and US Dollar/Turkish Lira (USD/TRY) will be added to the global OTC liquidity access project.        
Matching at the weighted average USD/RUB FX rate set by MOEX at 11:30 am MSK as the official Bank of Russia rate will be made available to provide banks, brokers, their clients and companies involved in cross-border trade new opportunities to execute currency exchange transactions and sell foreign currency that they have earned.
To stimulate on-exchange FX liquidity, advance the matching techniques and evaluate their impact on market liquidity, the experimental USD/RUB order book will be launched. The minimum lot size will be USD 1 million. The simulated random delay of 2-5 ms will be applied at order entry to eliminate arbitrage between technical access of different trading members. ‘Cancel’ transactions will not be delayed.  
JPY/RUB trading will be enhanced with instruments with deferred settlement (T+1) and an overnight TODTOM swap that will supplement currently available instruments with same day settlement.   
MOEX’s initiative to facilitate access to global OTC liquidity for FX Market participants will be expanded to include two new currency pairs, USD/CNY with settlement on T+2 and USD/TRY with settlement on T+1, along with already available EUR/USD and GBP/USD. OTC service connectivity has also been improved to provide a connection via the globally used FIX protocol applied on all MOEX’s markets.      
The Exchange implemented the facility to allow access to global FX liquidity in December 2018. Clients were given the opportunity to execute OTC FX trades at quotes of the world’s largest banks (liquidity providers), by using MOEX’s infrastructure and FX Market interfaces. NCC acting as the central counterparty provides clearing and ensures that every trade is settled.
Currently, MOEX FX Market offers trading in the US Dollar, Euro, Chinese Yuan, Hong Kong Dollar, Japanese Yen, British Pound, Swiss Franc, Turkish Lira, Belorussian Ruble and Kazakhstan Tenge. In March 2019, FX ADTV was USD 21 billion.

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Moscow exchange changes the tick size from the 2nd of May 2019

Source: Moscow Stock Exchange

To increase the effectiveness of equity market microstructure, MOEX establishes the new tick size and Decimals parameter for the following stocks starting 2nd May 2019 in the following trading modes:
Main trading mode Т+ (“Т+2” order book)
Odd lots trading mode
Dark pool trading mode
Equities D — Main trading mode Т+
Negotiated trading mode(NTM)
Equities D (NTM) trading mode
NTM with CCP trading mode
The methodology ensures that European and Russian regulations are in alignment in this area. This reduces the possible regulatory issues that may arise for European entities when operating in the Russian market due to this particular MiFID II requirement. At the same time by adopting a recognized standard trading on Moscow Exchange will be easier and better. The new approach to setting the tick size was approved by the MOEX Securities Market committee.
The methodology includes:
The tick size equals (1,2,5)*10N, where N – integer;
Increasing the number of price ranges to 25, and the ranges of liquidity – up to 7;
For each liquidity range a recommended range price tick sizes in the spread is established;
The maximum allowed relative tick size – 1%.

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