OREANDA-NEWS. The Bank of Russia has recognised the methodology of Moscow Exchange (MOEX) financial indicator – MOEX USD/RUB FX FIXING as well as the quality of Moscow Exchange performance as its administrator to be satisfactory and meets the Bank of Russia’s requirements which are based on the International Organisation of Securities Commissions (IOSCO) Principles for Financial Benchmarks.

The decision was based on the Bank of Russia review of Moscow Exchange applications and set of the relevant documents.

MOEX USD/RUB FX FIXING has been calculated as a financial benchmark by Moscow Exchange since 27 May 2013. The basis data for calculation of MOEX USD/RUB FX FIXING are transactions and orders on Moscow Exchange FX market. MOEX USD/RUB FX FIXING is the basis for calculating the exercise price of US dollar futures on Moscow Exchange.

Effective from 18 July 2016, according to the recommendations of Trade Association for the Emerging Markets (EMTA), MOEX USD/RUB FX FIXING will be used as the settlement rate replacing CME-EMTA Russian Ruble Reference Rate index.

A licence agreement for the use of the MOEX USD/RUB FX FIXING by Chicago Mercantile Exchange is planning to be signed.