Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

MICEX Delays Introducing Currency Futures Contracts

Tuesday's planned introduction of futures contracts on the Moscow Interbank Currency Exchange were put off for about a month because of accounting problems, an exchange official said.

MICEX general director Alexander Zakharov told a news conference the exchange was still awaiting Central Bank recommendations on accounting regulations.

The exchange had planned to launch trade Tuesday in futures contracts in dollars, Deutsche marks and Russian treasury bills, but the Central Bank said it needed more time to come up with the necessary legal framework.

Futures contracts already are traded in Russia on other exchanges, but analysts say they are largely unregulated.

"Commercial banks are waiting for the launching of futures at the MICEX because it is the only one whose accounting will be approved by the Central Bank and the Finance Ministry," said exchange spokesman Vadim Yegorov.

"I think the introduction of these Futures contracts at the MICEX will be a very positive action because they will stimulate the market," said the exchange's chief analyst, Igor Doronin. "It will also permit the Central Bank and the Finance Ministry to liberalize the market of state obligations."

The exchange plans to sell futures contracts in denominations of $1,000 and 1,000 marks, as well as 10 million ruble T-bill packages.

Doronin predicted the ruble would be "stable and predictable" against the dollar for the next few months because of low monthly inflation recently.

He also predicted that the T-bill market would stabilize after recent fluctuations.