Published on: 2026-05-14
Source: Moscow Exchange –
An important disclaimer is at the bottom of this article.
On May 19, 2026, trading in futures contracts on the RUONIA index will begin on the Moscow Exchange derivatives market. The new instrument will expand the capabilities of market participants in managing interest rate risk and implementing strategies related to the dynamics of ruble interest rates.
The new contract will allow private and institutional investors to open positions on the future dynamics of the RUONIA index, hedge interest rate risk of portfolios of securities and other assets and liabilities subject to interest rate risk. Futures on the RUONIA index can also be used to implement trading and arbitrage strategies between money, debt and derivative markets instruments.
Maria Patrikeeva, Managing Director of the Derivatives Market of the Moscow Exchange:
“We are pleased to offer the industry a new tool for managing interest rate risks, which is especially relevant in the current conditions. Strategies that can be implemented using the RUONIA index futures will be available not only to banks but also to management companies, treasuries, and active traders. As liquidity of the futures increases, it may become an additional benchmark for investors, demonstrating market expectations regarding the interest rate.”
Futures contract parameters for the RUONIA index:
- Base asset – the RUONIA Index, calculated and published by the Bank of Russia;
- Contract code – RUONIA (Short code – RF);
- Price step – 0.0001 point;
- The step price is 1 Russian ruble.
Contract execution – every quarter. The last day for contract conclusion is the first trading day of March, June, September, and December. The value of the RUONIA index, calculated and published by the Bank of Russia on the last day of contract conclusion, will be used as the execution price, rounded to four decimal places after the comma according to mathematical rounding rules.
Starting May 19, contracts with execution in September, December 2026 and March, June 2027 will become available to investors: RUONIA-9.26 (RFU6), RUONIA-12.26 (RFZ6), RUONIA-3.27 (RFH7), RUONIA-6.27 (RFM7).
To manage interest rate risks for terms from one year to 10 years, trading participants have access to interest rate swaps on the key rate of the Bank of Russia, RUSFAR and RUONIA rates, as well as cap and floor options, which are traded on the market of standardized financial instrument derivatives.
The RUONIA index reflects the accumulated value of one Russian ruble, capitalized at the RUONIA rate from the first calculation date – January 11, 2010. The futures price on the RUONIA index will show the market’s assessment of the RUONIA index value at the contract expiration date.
The specification of the RUONIA Index futures is posted on the websiteMoscow exchanges.
Urgent market of the Moscow Exchange – a leading platform for trading derivative financial instruments in Russia and Eastern European countries, combining developed infrastructure, reliability and guarantees, as well as the most modern futures and options trading technologies. Today, in the derivatives market of the Moscow Exchange, 41 options on stocks, three options on currencies, an option on gold, an option on the index, more than 160 futures and options contracts are traded on underlying assets that include stock indices, stocks, currency pairs, precious and industrial metals, oil, gas, and other commodities, interest rates.
Please note; this information is raw content obtained directly from the source of the information. It represents an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.