Moscow exchange had difficulty launching dirham-ruble trading – Kommersant
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At the start of trading in the UAE dirham-Russian ruble currency pair, there were problems on the Moscow Exchange, they write Vedomosti with reference to five market participants. Now the exchange is looking for ways to solve this problem, and trading can be launched in the next two to three months, the source said. The representative of the Moscow Exchange did not confirm or deny the information about the problems that had arisen. He pointed out that the site is constantly working on expanding the traded instruments in accordance with client demand.
In April, on the derivatives market of the Moscow Exchange there were launched futures trading on the Russian ruble-dirham pair. One lot – 1000 units. The execution price is set by the exchange rate of the Bank of Russia for dirhams on the day of contract execution, rounded up to the minimum step. As of June 23 – 22.76 rubles. As a representative of the Moscow Exchange clarified, the average daily turnover for the instrument in June approached 500 million rubles.
According to the interlocutors of the publication, the main problem at the launch of trading was the search for a stable counterparty and strict compliance from the UAE in relation to financial companies. Previously, settlements were made through the branch of MTS Bank in Abu Dhabi, which received a license on January 1. Operations with the bank were carried out by a counterparty from the UAE. However, according to market participants, soon the Arab counterparty refused to conduct transactions. One of them clarifies that at the end of March, the Central Bank of the UAE revoked the license from MTS Bank after it fell under sanctions and ordered to stop operations within six months from the date of the decision and close the unit.
Read more about how banks tested deposits in the UAE currency – in the material “Kommersant” “Dirhams were treated with full investment”.
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