Published on: 2026-06-16
Source: Moscow Exchange –
An important disclaimer is at the bottom of this article.
The Moscow Exchange, together with the largest participants of the financial market, is starting to test a new product on the market of standardized derivative financial instruments (SPFI) – the credit default swap (CDS). Deals will be concluded with a central counterparty.
Credit default swap – a contract under which the buyer pays the seller the cost of protection against the occurrence of a credit event with respect to a third party (for example, a default on bonds) and receives compensation upon its occurrence.
The use of CDS with Central Counterparty (CCP) will allow market participants to flexibly manage the credit risk of the largest Russian issuers without the necessity of conducting transactions with the underlying asset. For issuers, the emergence of a new instrument will contribute to increasing the transparency of credit quality assessment and the liquidity of bond issues.
The start date for trading CDS will be determined later.
The trading volume on the SPFI market for January–May 2026 increased by 72%, reaching 3.1 trillion rubles, compared to the same period in 2025. The open position grew by 93% year on year, totaling 11.8 trillion rubles at the end of May 2026.
Detailed information about CDS and the testing process is postedon the site.
На SPFI market of the Moscow Exchange Interest rate swaps, currency swaps, currency-interest rate swaps, currency forwards, and interest rate options with a maturity from three days to 10 years are used, depending on the type of instrument. Transactions on the SPFI market are concluded with a central counterparty. This relieves market participants from the necessity of assessing the risks of each counterparty and signing general agreements with all of them, allowing to reduce capital costs and benefit from the advantages of a single clearing and settlement system with other markets of the Moscow Exchange.
Please note; this information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.