According to Vladimir Krekoten, Managing Director for Sales and Business Development at the exchange, the instrument is planned to be launched in 2025.
The target audience for the new futures is seen as ordinary individuals, for whom the contract execution procedure will be straightforward.
We want to offer a derivative instrument, the underlying asset of which will be the key rate, to attract the attention of our clients to interest rate derivatives. The instrument will be available to unqualified investors after passing the testing for access to the instruments of the derivatives market. [...] We want to move away from international practice and offer a direct quote — the key rate: the contract volume in this case will be equal to the price multiplied by 1000. The execution of the contract is planned to be tied to the planned meetings of the Bank of Russia, and the value of the key rate announced on the day of execution will be used as the execution price.
The Moscow Exchange is currently discussing the possible contract design with market participants.
It is worth noting that since July 2024, the Bank of Russia has begun a cycle of raising the key rate. In five months, it rose from 16% to 21%, and analysts believe that by the end of 2024 it will reach 23%, and in a risky scenario, it will reach 25%.
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