Innovations 2026
Innovations in the Precious Metals Market from 23 March
Management of the Unified Collateral Pool at the National Clearing Centre (NCC)
Effective March 23, 2026, the transfer of precious metals to the "FX and Precious Metals Market" has become available as part of asset profile transfers between Moscow Exchange markets within the Unified Collateral Pool.
To credit precious metals and foreign currency to the Unified Collateral Pool Settlement Code XXXXX, with the simultaneous transfer of the asset profile to the "FX and Precious Metals Market", the following must be specified in the payment details:
72:/BNF/PMT FOR FX TRADE SETTLEMENT
// CODE UVRUPXXXXX
where UVRUP is the code designating the transfer of the precious metals and foreign currency profile to the "FX and Precious Metals Market".
For more details on operating within the Unified Collateral Pool, please visit: https://www.nationalclearingcentre.com/catalog/520902
Calculation of silver, platinum, and palladium fixings
In the precious metals market, starting from 23.03.2026, the calculation of silver, platinum, and palladium fixings begins under the following conditions:
- The calculation methodology is analogous to the calculation of the gold fixing GOLDFIXME
- The calculation is performed on the basis of per-second information about submitted orders and executed trades in the System mode during the period of 11:30:01 –12:30:00
- Calculation time –12:30 МСК
- Instruments used for calculation –SLVRUB_TOM, PLTRUB_TOM, PLDRUB_TOM
- Parameter = 1 gram (ensuring the maximum weight of trades in the per-second calculation, if any)
- Indicator currency – Russian Federation rubles
- Calculation precision – 2 decimal places
More details about the fixing values: https://www.moex.com/ru/fixing/
New instruments for the weighted average rate of GLDRUB_TOM (GLDRUB_WAP0 and GLDRUB_WAPV), as well as for the fixing rate of GLDRUB_TOM (GLDRUBFIX0)
| Instrument | Parameters |
|---|---|
| GLDRUB_WAP0 | Trades are executed at the weighted average rate of trades with the GLDRUB_TOM instrument, executed in the period from 10:00 to 15:30 in the System mode |
| GLDRUB_WAPV | The order price is a discount or premium to the weighted average rate of trades with GLDRUB_TOM, executed in the period from 10:00 to 15:30 in the System mode |
| GLDRUBFIX0 | Trades are executed at the fixing rate (GOLDFIXME) in the period from 11:30 to 12:30 in the System mode |
Advantages for precious metals market participants:
- Execution of contract terms at the weighted average rate, at the weighted average rate with a premium or discount, or at the fixing rate;
- Hedging of a position at the weighted average rate, the weighted average rate with a premium or discount, or at the fixing rate today with settlement tomorrow;
- Independence from intraday volatility.
Spot precious metals are added to the RFS (Request for Stream, "RFS Auction" mode) service: GLDRUB_TOM, SLVRUB_TOM, PLTRUB_TOM, PLDRUB_TOM
Advantages for precious metals market participants:
- Collection of information about current quotes from liquidity providers;
- Execution of a trade at the best quote for the required volume;
- Trades are conducted without impact on the price in the System mode (CETS);
- For banks: understanding the commission size provides the opportunity to "embed" it into the price in advance when quoting.