Moscow Exchange to change collateral requirement for derivatives market

By Andrei Skvarsky.

Moscow Exchange plans a reform in its derivatives market in which the entire collateral would have to be in U.S. dollars instead of today’s requirement of 50% in dollars and 50% in Russian rubles.


“The change will simplify operations for foreign market participants and lower funding costs for Russian market participants,” the bourse said in a statement.

Moreover, participants would gain access to segregated accounts and position transfer services, which, if a clearing firm defaults, would allow client positions to be transferred to another clearing entity.

A new volatility index future will also be launched based on feedback from market participants, a methodology that would make it possible to evaluate market volatility more accurately, the exchange said.

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