27 Feb 2023 16:58

Moscow Exchange to start trading Turkish lira and HK dollar March 1

MOSCOW. Feb 27 (Interfax) - The Moscow Exchange will commence trading in settled futures contracts for the Turkish lira/Russian ruble and Hong Kong dollar/Russian ruble currency pairs on March 1, a press release from the exchange said.

Contract lots are equal to 1,000 Turkish liras and 1,000 Hong Kong dollars, respectively; the minimum price step is 0.001 Russian rubles; the cost of the minimum price step is 1 ruble.

The contract execution price is the value of the corresponding currency fixing calculated by the Moscow Exchange for the Turkish lira/Russian ruble and Hong Kong dollar/Russian ruble exchange rates, respectively.

Market participants and their clients will have access to contracts that expire in June, September and December 2023 and March 2024.

The new instruments are aimed at the widest possible range of clients and will be of interest to both institutional investors and individuals. The launch of new contracts is due to growing interest from clients in trading in the Hong Kong dollar and Turkish lira on the Moscow Exchange forex market.

"Currency futures are one of the most popular instruments with investors around the world, and our market is no exception. Over 50% of the volume of transactions in the derivatives market today is currency derivatives. These are convenient tools that allow you to implement various strategies on changes in exchange rates and hedge currency risks at low cost," Vladimir Yarovoy, Managing Director for Derivatives of the Moscow Exchange, said.