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 based on the key rate to attract our clients' attention 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 contract execution is planned to be tied to the scheduled meetings of the Bank of Russia, and the key rate announced on the execution date 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 the Bank of Russia began a cycle of raising the key rate in July 2024. In five months, it rose from 16% to 21%, and analysts believe that it will reach 23% by the end of 2024, and in a risky scenario, it will reach 25%.
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