Московская БиржаMOEX92,24
Moscow Exchange with 26 April will begin trading in perpetual futures - one-day futures contracts for the exchange rate of foreign currency to the Russian ruble.
The main difference between this instrument and existing futures is that, that the contract lifetime is automatically extended by a day every day. Previously, there were no such instruments on the Moscow Exchange: available currency futures have a specific maturity. For example, futures contract Si-9.22 on the currency pair "US dollar - Russian ruble" began to circulate 10 September 2020 and finish - will be executed - 15 September 2022.
Investors will have access to perpetual futures for three currency pairs:
- "US dollar - Russian ruble".
- "Euro - Russian ruble".
- "Chinese yuan - Russian ruble".
The price of the contract will be equal to the rate of the corresponding currency with settlements "tomorrow" on the currency market of the Moscow Exchange. The lot of contracts will be 1000 units of currency, the contract price will be calculated in rubles per unit of foreign currency, minimum price step 0,01 R, price step cost — 10 R. This is a settled futures — there is no currency delivery.
Vladimir Yarovoy, Managing Director for Derivatives, Moscow Exchange, Explained, that the advantage of perpetual futures is, that it never comes true. Because of this, there is no cost to roll the position - selling the expiring contract and buying a new one instead. There is an opportunity to invest in the currency for a long time through futures as an alternative to the usual purchase of currency on the stock exchange.
Besides, as RBC writes with reference to the words of Yarovoy, such an instrument will give a concentration of liquidity: it will not blur across several different futures. At the same time, regular futures will also continue to be traded., and by September, the Moscow Exchange will provide a mechanism for the transition from the eternal to the next quarterly contract.
In the future, Moscow Exchange may expand the list of underlying assets for such futures, if there is a demand. The first candidate is real estate, then commodities like gold and oil, and then indices and individual stocks.
