Moscow Exchange and Eurex to cooperate on FX trading
- Next step in partnership between Moscow Exchange and Deutsche Börse Group
- Futures on EUR-RUB and USD-RUB to trade on Eurex
Moscow Exchange and Eurex, the derivatives arm of Deutsche Börse Group, announced today that they have signed a cooperation agreement for the trading of foreign exchange (FX) derivatives. Through this new element of the partnership between Deutsche Börse and Moscow Exchange, Eurex Exchange will launch Euro/Russian Rouble and U.S. Dollar/Russian Rouble FX futures on its trading system in Q4 2013.
Alexander Afanasiev, Chief Executive Officer of Moscow Exchange, and Andreas Preuss, Deputy CEO of Deutsche Börse and CEO of Eurex, signed a cooperation agreement for the new derivatives products in Frankfurt/Main today. Both partners will also jointly promote the launch of these two FX futures.
"We continue to deepen our partnership with Deutsche Börse, and are working together closely to provide our market participants with new instruments. Today we agreed to launch Rouble FX futures in Frankfurt. This opens up exciting new trading and hedging opportunities for investors. Also, this autumn, Moscow Exchange will launch futures on five German blue chip stocks. Cross-listing arrangements between Deutsche Börse Group and Moscow Exchange allow our clients to build new trading strategies and better manage their risks. We believe that our joint initiatives with Deutsche Börse will strengthen national markets and facilitate the continued development of Frankfurt and Moscow as financial centers", said Moscow Exchange CEO Alexander Afanasiev.
"We are very pleased to have reached the next milestone of our partnership. This new cooperation fits perfectly into our goal to constantly expand our product offering as it will complement our planned FX product suite", said Andreas Preuss, Deputy CEO of Deutsche Börse and CEO of Eurex.
Eurex will launch FX futures and options for six currency pairs on 7 October 2013. According to today"s agreement, Eurex"s product suite will be complemented with cash-settled futures for both Euro/Russian Rouble and U.S. Dollar/Russian Rouble currency pairs in Q4 2013. Upon expiry, Eurex"s Rouble futures will be settled using settlement prices provided by Moscow Exchange. This procedure is intended to reinforce the integrity of the futures contracts and provide investors with confidence that the settlement price is both fair and accurate.
In Q2 2013, the average daily volume for both products on the Moscow Exchange amounted to over 2 million contracts with a notional value of US$2.1 bn. In 2012, U.S. Dollar/Russian Rouble futures were the third most popular foreign exchange futures contract globally among traded currency futures, according to the Futures Industry Association.
Press Contacts:
Eurex Group
Heiner Seidel, ph: +49 69 211 -11 500, e-mail: heiner.seidel@eurexgroup.com
Moscow Exchange
Nikita Bekasov, ph: +7 495 363 3232, pr@moex.com
About Moscow Exchange
Moscow Exchange MICEX-RTS ("MOEX") operates Russia"s largest public trading markets for equity, bonds, derivatives, foreign exchange and money market products as well as Russia"s Central Securities Depository (CSD) and the country"s largest clearing service provider, National Clearing Centre. At the end of 2012, it ranked among the world"s top-20 exchanges for equity trading by market capitalization and among the top-ten exchanges for bond trading by trading volume (by value) and for exchange-traded derivatives by number of contracts traded. Moscow Exchange has 703 issuers listed on its securities exchange, including many of Russia"s largest companies.
The Moscow Exchange was formed in December 2011 as a result of a merger between Russia"s two main exchange groups. The merger brought together MICEX Group, the oldest domestic exchange and operator of the leading securities, foreign exchange and money market platform in Russia, and the 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. Following the merger the Company became an open joint stock company (OJSC) and was named Moscow Exchange. Moscow Exchange completed the initial public offering of its shares on February 15, 2013.
About Eurex Exchange
Eurex Exchange is one of the world"s leading derivatives exchanges, serving a growing global distribution network. It offers more than 1,700 products covering all major as well as alternative asset classes. Our marketplace – based on innovative IT infrastructure – is a gateway to the most heavily traded euro-denominated equity index and fixed-income derivatives.
As part of Eurex Group, we provide access to a global liquidity network with daily trading volumes exceeding 10 million contracts together with the International Securities Exchange (ISE) and the European Energy Exchange (EEX). Eurex Exchange uses Eurex Clearing, one of the leading central counterparties globally.
Find out more at www.eurexchange.com
Eurex Group is comprised of Eurex Exchange, the International Securities Exchange (ISE), the European Energy Exchange (EEX), Eurex Clearing and Eurex Repo.
Eurex Group is owned by Deutsche Börse AG (Xetra: DB1).
For further information, please contact the Public Relations Department at (495) 363-3232.