MOEX launches new trading and clearing system for transactions with currency, interest rate derivatives

MOSCOW. Dec 17 (Interfax) - The Moscow Exchange has launched a new trading and clearing system (TCS) on the standardized derivative contracts (SDC) market, SAPFIR, for concluding transactions with currency and interest rate derivatives, the exchange said.

The system's special feature is being able to launch new instruments quickly upon the request of participants.

"The risk management system of the new TCS provides a more accurate risk assessment. Participants may track the current fair value of instruments, react in advance to increased volatility, and model their respective portfolios. SAPFIR also allows for analytical tests using a risk calculator and risk sensitivity calculation that improves the accuracy of forecasts and assists in rendering the best investment decisions," Maria Cheremisina, Managing Director for Clearing at the National Clearing Center (NCC), part of the Moscow Exchange Group, said in the statement.

Igor Marich, Moscow Exchange Executive Board Member and Managing Director for Sales and Business Development, earlier in December announced plans to launch a new trading and clearing system on the SDC market.

"Together with the main market participants, we plan to implement the possibility to conclude transactions with credit default swaps next year as a credit risk management tool. Implementing cap and floor instruments, which we plan to implement in the first half of 2025, would further increase the flexibility of participants to manage interest rate risks," Marich said at the time.