By Andrei Skvarsky.
Moscow Exchange’s benchmarks for its currency, equity, bond and money market segments have been declared by Ernst & Young to be compliant with the principles of the International Organization of Securities Commissions (IOSCO), an association of securities regulators.
The exchange calculates a range of daily benchmarks such as the RTS Index, MICEX Index, MOEX Aggregate Bond Index, and dollar-rouble, euro-rouble and yuan-rouble exchange rates.
It also calculates fixings for dollar-rouble swaps with maturities of one week to one year.
Ernst & Young declared the benchmarks and fixings IOSCO-compliant after auditing the exchange, the bourse said in a statement.
“Recognition of [Moscow Exchange’s] benchmarks as IOSCO-compliant represents a milestone in the globalisation of our business,” the statement quoted Moscow Exchange chief executive as saying.
“Our benchmarks are calculated using on-exchange trades and orders, in line with the best global practice of using market-based indicators rather than survey-based fixings.”
IOSCO, which is headquartered in Madrid, brings together 200 agencies and organizations, some of them national and some supranational. It has three membership categories, and regulators in emerging markets make up three quarters of the 124-member ordinary category – national securities commissions or similar governmental bodies.