08/28/1998 09:02:45 CME, EMTA set rouble reference rate at 12.863/dlr
Пост обновлен 30 авг. 2018 г.
LONDON, Aug 28 (Reuters) - The Chicago Mercantile Exchange
(CME) and the Emerging Market Traders Association (EMTA) on
Friday posted a reference rouble/dollar exchange rate of 12.863,
in the absence of an official fix from Moscow.
Russia's MICEX currency exchange was closed for the third
day on Friday after the rouble spiralled well beyond the
corridor of six to 9.5 roubles to the dollar, set on August 17.
Market sources said the rate was not intended to replace any
MICEX trade, but market players might choose to use it to settle
contracts in the absence of a MICEX fix.
The rate, published on Reuters contributor page <EMTA>,
compares with indicative market rates on Friday morning of
around 12.5/13 bid/offer.
"It's being published for informational purposes only, at
the request of market participants," an EMTA spokeswoman told
A joint CME/EMTA statement said the two organisations
discussed problems arising from the lack of a MICEX fix with
representatives from the rouble/dollar non-deliverable forward
(NDF) market on Thursday.
The official fix is usually used as a standard settlement
rate for rouble/dollar NDF contracts and as the CME's settlement
rate for its rouble futures and options contracts.
The statement said the CME would conduct a daily survey of
rouble/dollar quotes from eight randomly chosen market
participants in Moscow at 11.00 a.m. (0800 GMT). The two highest
and two lowest midpoints would be excluded and the reference
rate calculated as an average of the remaining quotes.
"The CME/EMTA Reference Rate will be published on a daily
basis as long as a minimum of five bid and offer quotes are
received from survey participants," the statement said.
It said the CME/EMTA reference rate would become the final
settlement price for the CME rouble futures contract if MICEX
did not fix an official rate.
The rate is to be published on Reuters contributor page
<EMTA> and through the CME's normal quote distribution channels.
"The CME and EMTA disclaim liability for the CME/EMTA
Reference Rate, and no representation or warranty, express or
implied, is made concerning the CME/EMTA Reference Rate," the
((Gill Tudor, London Newsroom +44 171 542 6414, fax 583 7239,