Bank of Russia increases the key rate by 100 bp to 19.00% p.a.

On 13 September 2024, the Bank of Russia Board of Directors decided to increase the key rate by 100 basis points to 19.00% per annum. Current inflationary pressures remain high. By the end of 2024, annual inflation is likely to exceed the July forecast range of 6.5–7.0%.

The traditional survey on the key rate before the decision of the Bank of Russia

Most predict that the rate will remain at the current level. About a third of the community believes that the rate can be raised up to 200 bps. No one believes in its reduction, but part of the community in the place of the Central Bank would start this process at the next meeting. Not only the decision will be important, but also the rhetoric after it.

Bank of Russia extends restrictions on foreign cash withdrawals for another six months until 9 March 2025

The Bank of Russia preserves the foreign cash restrictions due to the sanctions enacted against Russia, which prohibit domestic financial institutions from purchasing western countries’ cash

Monetary Policy Guidelines for 2025–2027

In the Monetary Policy Guidelines, the Bank of Russia each year describes the goals of monetary policy and approaches to its implementation and presents its view of the current situation in the economy and forecasts of its development in the medium term.

DEALER'S FEST 2024

It was on this date that a new era of the Russian financial market began. Those who "survived" received a harsh lesson in proper risk management, the importance of trust and the need for proper development of public finances. Over the years, we continue to learn, look for non-standard solutions and steadfastly accept the challenges that reality poses to us.
ACI Russia is pleased to invite all our friends and partners to spend this significant day with us

Cryptocurrencies and digital rights: new regulation phase

Russian exporters and importers will be allowed to use cryptocurrencies in cross-border settlements under foreign trade agreements, but only within the experimental legal regime (ELR). The relevant draft law was adopted by the State Duma in the second and third reading.

Bank of Russia increases the key rate by 200 bp to 18.00% p.a.

The Bank of Russia’s Board of Directors decided to increase the key rate by 200 basis points to 18.00% per annum. Inflation has accelerated and is developing significantly above the Bank of Russia’s April forecast. Growth in domestic demand is still outstripping the capabilities to expand the supply of goods and services. For inflation to begin decreasing again, monetary policy needs to be tightened further. Returning inflation to the target requires considerably tighter monetary conditions than presumed earlier. The Bank of Russia will consider the necessity of further key rate increase at its upcoming meetings. The Bank of Russia’s forecast has been substantially revised, including the inflation forecast for 2024, which has been raised to 6.5–7.0%. Given the monetary policy stance, annual inflation will decline to 4.0–4.5% in 2025 and stay close to 4% further on.

Let's summarize the results of voting on the key rate

The market expects a rate increase to at least 17.0%, most to 18.0%. There are votes for 19.0% and 20.0% from the general community, but there are very few of them, while a significant part of local professionals does not exclude the immutability of the bet. There are no such people among the international community.

Stablecoins: regulators’ attitude to them around the globe

Russia, as well as other countries, is currently discussing the economic and legal nature of stablecoins and approaches to their regulation. The Bank of Russia analysed international trends in the field of stablecoins in its analytical report.

The government has relaxed the requirement for the mandatory sale of foreign exchange earnings by exporters

For the largest Russian exporters, the requirements for mandatory repatriation of foreign currency earnings have been relaxed. Previously, they were required to transfer at least 80% of the foreign currency received under foreign trade contracts to their accounts with authorized banks. Now this threshold has been lowered to 60%. The decision was made taking into account the stabilization of the national currency exchange rate and the achievement of a sufficient level of foreign exchange liquidity.

Information on procedure for setting official exchange rates of US dollar and euro

The Bank of Russia sets the official US dollar/ruble and euro/ruble exchange rates based on reporting data from credit institutions and the results of interbank conversion transactions in the over-the-counter FX market as of 15.30 Moscow time on the same business day.

Alternative approaches to calculating official exchange rates when there is no FX trading on the Moscow Exchange are provided for by Bank of Russia Ordinance No. 6290-U, dated 3 October 2022.

Bank of Russia suspends trading in Hong Kong dollars and changes start time of trading session on Moscow Exchange

The Bank of Russia has decided to suspend trading in Hong Kong dollars from 13 June. On Thursday, trading sessions in the MOEX FX and precious metals markets and derivatives market with settlements in foreign currencies other than the US dollar, euro, and the Hong Kong dollar starts at 9.50 Moscow time.

Information on transactions in US dollars and euros due to sanctions against Moscow Exchange Group

Due to the introduction of restrictive measures by the Unites States against the Moscow Exchange Group, on-exchange trading and settlements of deliverable instruments in US dollars and euros are suspended. However, trading in all other exchange segments and instruments in rubles and other currencies will be conducted as normal. US dollars and euros will still be traded in the over-the-counter market.
To set the official exchange rate of the US dollar and euro against the ruble, the Bank of Russia will use bank reports and data received from digital over-the-counter trading platforms

Russia has offered friendly countries settlements on the BRICS Bridge platform

Russia has offered the BRICS countries and the association's partners a cross-border payment mechanism based on the BRICS Bridge settlement platform, Finance Minister Anton Siluanov told Vedomosti.

Bank of Russia keeps the key rate at 16.00% p.a.

On 7 June 2024, the Bank of Russia Board of Directors decided to keep the key rate at 16.00% per annum. The current price growth rate has stopped decreasing and remains close to the levels of 2024 Q1. Growth in domestic demand is still outstripping the capabilities to expand the supply of goods and services. The Bank of Russia holds open the prospect of increasing the key rate at its upcoming meeting. Furthermore, returning inflation to the target will require a significantly longer period of maintaining tight monetary conditions in the economy than it was forecast in April. According to the Bank of Russia's forecast and given the monetary policy stance, annual inflation will return to the target in 2025 and stabilise close to 4% further on.

The results of surveys on the value of the key rate

Market participants' expectations have shifted towards a rate hike. There is practically no talk of a reduction now. Will +100 bp be enough? We'll see on Friday

ACI RUSSIA HELD THE 20th ANNIVERSARY CONGRESS

On May 27, 2004, in London, ACI Russia was affiliated with the international association of financial market specialists ACI – The Financial Markets Association (Paris, France). And on May 27, 2024, the Association celebrated its 20th anniversary at the Ararat Park Hyatt Moscow hotel.

More than 160 guests – members and friends of ACI Russia – gathered at the Congress to wish us a happy birthday!

Also, this year became an elective one, and from 8:00 to 20:00 Moscow time, all current members of ACI Russia could vote for candidates for the positions of President, Vice-President and members of the Association's Council.

Read the details in the official press release

This year ACI Russia – The Financial Markets Association celebrates its 20th anniversary!

We invite you to take part in the 20th anniversary Congress of ACI Russia members!

It will be held on May 27 in Moscow from 18:00 till 23:00 Moscow time. Registration is mandatory for all participants! The program and all the news of the event are available on the Congress page in internet.

You are welcome!

Moscow Exchange trading schedule

On official public holiday on 12 June 2024 all Moscow Exchange markets will be closed.

MOEX trading calendar for 2024 is avaliable here

FX Global Code in audio playlist

FX Global Code is now available in audio format in Russian. Download and add to your playlist.
Enjoy!

The Bank of Russia keeps the key rate at 16.00% p.a.

On 26 April 2024, the Bank of Russia Board of Directors decided to keep the key rate at 16.00% per annum. Current inflationary pressures are gradually easing but remain high. Due to the remaining elevated domestic demand, which outstrips the capabilities to expand supply, inflation will return to the target somewhat more slowly than the Bank of Russia forecast in February.

Results of surveys on the key rate

In general, all categories of participants are confident that the bid will remain unchanged. Moreover, they themselves would have acted in the place of the Central Bank. However, our broad audience, which includes not only ACI members, disagreed on what the bid should be. Only 42% would vote to keep it at the current level.

This year ACI Russia – The Financial Markets Association celebrates its 20th anniversary!

On May 27, the Association will hold elections to the governing bodies of ACI Russia. And we are starting to accept applications from candidates!

If you want and are ready to join the Board of ACI Russia, become President or Vice-President of the Association, then send your details by emailacirussia@gmail.com or by phone +7 (926) 143-59-23 (WhatsApp/Telegram). You can also apply through our website

We remind you that ONLY current members of the Association can nominate their candidacies for the positions of members of the Council, President and Vice President of ACI Russia. The admission and exclusion of candidates to/from ACI Russia is carried out by the current Council of the Association. We also propose you to see with a list of recommendations and opportunities for candidates

According to the results of the voting, no more than 13 candidates will be elected to the ACI Russia Council, as well as the elected President and Vice President will automatically join the Council. Applications will be accepted exactly one week before the ACI Russia Congress – on May 20, 2024 at 20:00 Moscow time

We are glad to announce that we are opening registration for the 20th anniversary Congress of ACI Russia! We are waiting for you on May 27 at 18:00 at the Ararat Park Hyatt Hotel (Moscow, Neglinnaya str. 4, 2 floor, Sargsyan Hall).

The Congress will be held only in offline format (personal presence)! Recordings of official performances will be available later on our YouTube channel.

Please send all your suggestions on the business and not-so-business program of the Congress by e-mail acirussia@gmail.com or by phone +7 (926) 143-59-23 (WhatsApp/Telegram). We are glad to see your initiatives, memories, historical information on the activities of our Association in Russia, photo and video content, documents, speeches!

MOEX trading schedule during the May holidays

We remind you how our markets will work during the May holidays this year.
• April 27th (working Saturday): auctions are held as usual (including in the evening session).
• April 28: No auctions are held.
• April 29-30 and May 10: auctions are held in all markets. On the foreign exchange and precious metals markets on these dates, as well as on April 27, transactions with TODAY settlements and swap transactions with an execution date on the date of conclusion are not concluded. Contracts with obligations in Russian rubles will not be implemented on over-the-counter transactions with the Central Committee on the ZPIF market.
• May 1, 4, 5 and 9: no auctions are held.
• May 2, 3, 6-8: auctions are held as usual.

The Bank of Russia keeps the key rate at 16.00% p.a.

On 22 March 2024, the Bank of Russia Board of Directors decided to keep the key rate at 16.00% per annum. Current inflationary pressures are gradually easing but remain high. Domestic demand is still outstripping the capabilities to expand the production of goods and services. Labour market tightness has increased again. For the moment, it is premature to judge the pace of future disinflationary trends. The Bank of Russia's monetary policy is set to solidify disinflation processes unfolding in the national economy.

Traditional survey before the decision n the key rate of the Bank of Russia

The rare consensus of international experts who believe that the rate will remain unchanged is diluted by the local opinion that the rate can be gradually reduced

Moscow Exchange trading schedule for 2024 public holidays

Moscow Exchange announces the trading schedule for its market for Russian public holidays in 2024.
On 3-5 January, 8 January, 29 and 30 April, 10 May and 30 December 2024, the FX, Precious Metals, Equity and Bond, Deposit, Credit, Derivatives and OTC Standardised Derivatives Markets will be open.

On those days, all instruments will trade on the FX and Precious Metals Markets, except trades with "TODAY" settlement and swap transactions with their first parts settled on the same day.
On official public holidays on 1-2 January, 7 January, 23 February, 8 March, 1 May, 9 May, 12 June and 4 November 2024, all Moscow Exchange markets will be closed.

Please note that Saturdays 27 April, 2 November, and 28 December 2024 are regular trading days.

On all other days in 2024, the markets will operate as usual.

Moscow Exchange trading schedule in February 2024

Moscow Exchange announces the trading schedule for its markets over the February 2024 public holiday period.
Friday, 23 February 2024 is a non-trading day on all MOEX markets due to a public holiday in Russia.
On 22 February 2024, all markets will operate as usual.
24 and 25 February are weekend days.

Bank of Russia keeps the key rate at 16.00% p.a.

On 16 February 2024, the Bank of Russia Board of Directors decided to keep the key rate at 16.00% per annum. Current inflationary pressures have eased compared with the autumn months but remain high. Domestic demand is still outstripping the capabilities to expand the production of goods and services. A judgement on the sustainable nature of emerging disinflationary trends would be premature. The Bank of Russia's monetary policy is set to solidify disinflation processes unfolding in the national economy.

Bank of Russia key rate survey 16.02.2024

Most participants from different market groups have the same opinion: The bid will remain unchanged. A third of the voting members of ACI Russia, being in the place of the Central Bank, would have already started lowering the rate, a significant part of the wider audience of the Association believes that the rate can be increased

ACI Russia & Friends New Year party 2024

On Monday evening, December 18, 2023, ACI Russia – The Financial Markets Association at Brasserie Lambic summed up the results of the outgoing year, bringing together members of the Association, guests, friends and their partners.

A warm and friendly atmosphere prevailed in Lambic, it smelled like a live Christmas tree, sparkling champagne in glasses, poems of their own composition sounded, the guests danced and sang along to the musicians of the restaurant EXPEDITION, who performed New Year's (and not only!) hits from different years.

ACI Russia thanks everyone who supported and was with us this year! And we look forward to meeting you in 2024:
• ACI Russia Congress – the 20th anniversary Congress of ACI Russia, the elections of the President and Council of the Association – May 27 (Monday), 2024. The location is being specified.
• Dealer's Fest 2024 – August 17 (Saturday) 2024, Loft Boat (Rio-1).
• The sixth Annual Conference on the development of electronic commerce in the Foreign exchange and Financial Markets - ACI Russia eFX Summit 2024 - October 31 (Thursday) 2024. The location is being specified.
• ACI Russia New Year's Eve Party – date and place are being specified.
• Online meetings on the most relevant and interesting topics – Pro Markets – ACI Russia – every Friday at 18:00 in Telegram and Clubhouse

Bank of Russia increases key rate by 100 bp to 16.00% p.a.

On 15 December 2023, the Bank of Russia Board of Directors decided to increase the key rate by 100 basis points to 16.00% per annum. Current inflationary pressures remain high. Annual inflation for 2023 is expected to be close to the upper bound of the 7.0–7.5% forecast range. At the same time, the Bank of Russia expects GDP growth in 2023 to outperform its October forecast and exceed 3%. This suggests that the upward deviation of the Russian economy from a balanced growth path in 2023 H2 has proved more substantial than in the Bank of Russia's October estimates. Some segments of the credit market have shown signs of a slowdown, although overall lending growth rates remain high. Households' and businesses' inflation expectations have increased. The return of inflation to target in 2024 and its further stabilisation close to 4% assume that tight monetary conditions will be maintained in the economy for a long period.

Bank of Russia key rate survey

According to the results of the vote, the majority believes that the rate will be raised until 16.00, but there is also a significant part of those who do not see the need to increase it. The opinion of our wide audience stands out in particular

ACI Russia & Friends New Year party 2024

Dear Members and friends of ACI Russia, we decided to spend the upcoming 2024th year in a new place on the previously scheduled date of December 18 (Monday).

There should be enough space for everyone, but the number of registrations is limited to 150! If the quota of 150 people ends, then the impact of your achievements in 2023 on the activities of our Association will begin. Carefully read the terms and conditions on the registration page!

Happy New Year to you!

On oil and gas revenues and transactions for the purchase/sale of foreign currency and gold in the domestic foreign exchange market

The expected volume of additional oil and gas revenues of the federal budget is projected in December 2023 in the amount of 362.0 billion rubles. The deviation of actually received oil and gas revenues from the expected monthly volume of oil and gas revenues by the end of November 2023 amounted to minus 117.2 billion rubles. Thus, the total amount of funds allocated for the purchase of foreign currency and gold is 244.8 billion rubles. The operations will be carried out in the period from December 7, 2023 to January 12, 2024, respectively, the daily volume of purchases of foreign currency and gold will amount to the equivalent of 11.7 billion rubles.

MOEX expands the list of FX market instruments

MOEX is launching new instruments on the FX market for the Chinese yuan – Russian ruble pair, which will allow participants to conclude transactions at the weighted average yuan exchange rate and currency fixing.

The CNYRUB_WAP0 and CNYRUB_WAPV tools increase the convenience of conversion operations for market participants. Using the CNYRUB_WAP0 tool, you can enter into transactions directly at the weighted average yuan exchange rate by TOM calculations, the CNYRUB_WAPV tool includes a discount/premium to the weighted average yuan exchange rate by TOM calculations.

The use of the digital ruble

The Treasury will launch a pilot on the use of the digital ruble in 2024. The pilot mode is planned for certain items of budget expenditures

ACI Russia eFX Summit 2023

On November 13, 2023, the 5th annual conference on the development of electronic commerce in the currency and financial markets - ACI Russia eFX Summit 2023 - was held at the Solux Hotel in Moscow. To expand the geography of the event, the summit was held in a hybrid format, bringing together 210 participants offline and more than 70 in online broadcast.

The mission of the Summit is to unite all participants of the financial industry of Russia and the CIS countries on one platform for an open discussion, discussion of current factors and trends affecting the development of instruments, infrastructure and technologies for trading in currency, derivatives and digital financial asset markets, establishing relationships and entering into partnerships.

Monetary Policy Guidelines for 2024–2026

In the Monetary Policy Guidelines, the Bank of Russia each year describes the goals of monetary policy and approaches to its implementation and provides its view of the current situation in the economy and forecasts of its development in the medium term.

Bank of Russia increases key rate by 200 bp to 15.00% p.a.

The Bank of Russia Board of Directors decided to increase the key rate by 200 basis points to 15.00% per annum. Current inflationary pressures have significantly increased to a level above the Bank of Russia's expectations. Steadily rising domestic demand is increasingly exceeding the capabilities to expand the production of goods and the provision of services. Inflation expectations remain elevated. Lending growth paces are invariably high. The updated medium-term parameters of fiscal policy assume a slower than expected decline in fiscal stimulus in the years ahead. Therefore, it is required to additionally tighten monetary policy to limit the upward deviation of inflation from target and return it to 4% in 2024. The return of inflation to target and its further stabilisation close to 4% also means that tight monetary conditions will be maintained in the economy for a long period.

Before of the Bank of Russia's decision on the rate, ACI Russia conducted a survey of rank participants according to their expectations

The majority believes that the rate will be raised and that it really needs to be raised. We expect 14.0% despite the fact that the RUB exchange rate is relatively stable and is gradually strengthening, and inflation is 6.0%

In order to stabilize the exchange rate, the mandatory sale of foreign exchange earnings of exporters is established

The President of Russia signed a decree "On the implementation of the mandatory sale of proceeds in foreign currency received by individual Russian exporters under foreign trade agreements (contracts)."

Registration for the ACI Russia eFX Summit 2023 begins!

We are opening registration for the key annual event in Russia on the development of electronic commerce in the foreign exchange market - ACI Russia eFX Summit 2023. The event will be held on November 13 (Monday) at the new Soluxe Moscow Hotel at the address: 16 Wilhelm Peak Str., Moscow

Two years of global changes, transformation of world markets, shocks and new challenges - we are sure that we have something to discuss not only with the Russian, but also the global financial community

The summit will bring together corporate cashflow managers and system traders, hedge funds, international and regional banks (global trade managers, heads of currency departments, execution managers, portfolio managers, IT directors and CEOs) on one platform from all over the world for open discussion, networking and entering into partnerships.

Bank of Russia extends restrictions on money transfers abroad for another six months

The restrictions will be in effect from 1 October 2023 through 31 March 2024.

Russian citizens and non-resident individuals from friendly countries will still be allowed to transfer no more than 1 million US dollars (or an equivalent amount in other foreign currencies) to any accounts in foreign banks within a month.
The limits on transfers via money transfer systems also remain in place: total transfers may not exceed 10,000 US dollars (or an equivalent amount in other foreign currencies) per month. The amounts of transfers are calculated at the official exchange rate of foreign currencies against the ruble as of the date the bank receives the transaction order.
Non-resident individuals working in Russia, whether they are from friendly or unfriendly countries, are allowed to transfer funds abroad in the amount of their salary.
The ban on money transfers remains in place for non-resident individuals from unfriendly countries not working in Russia and legal entities from such states. This restriction does not apply to foreign companies controlled by Russian legal entities or individuals.
Banks from unfriendly states may transfer funds in rubles using correspondent accounts opened with Russian credit institutions, provided that the payer and the payee have accounts with foreign banks.

The 9th edition of ACI FMA Insights Newsletter it's now available!

We are pleased to present to you the 9th edition of the ACI FMA Insights Newsletter, an edition dedicated to the 61st ACI World Congress, which will take place in Singapore next week.
In this new edition, you can also find some more information about ACI FMA Education, on the importance of continuous training, certification, good practices, and the numerous possibilities that the ELAC platform offers to financial market participants, as well as the joint welcome message from Stéphane Malrait, ACI FMA Chairman and Kim Winding Larsen, ACI FMA President.
The objective of the Newsletter is to bring news and updates from ACI FMA activity to all our global ACI members.
ACI FMA are longstanding proponents and influencers of ethical conduct and good market practices to all financial market professionals.
Please visit our page at https://acifma.com/newsletters to access this Newsletter and the previous numbers.

The government has approved a list of countries whose banks will be able to participate in currency trading in Russia

The Government has approved a list of more than 30 countries whose banks and brokers are allowed to trade on the Russian foreign exchange and derivatives markets. The list includes "friendly and neutral countries", including China, India, Turkey, Serbia, the UAE, Iran, South Africa, Kyrgyzstan and Belarus. The Cabinet of Ministers stated that this should help meet the demand of the Russian economy for settlements in the national currency

Moscow Exchange trading schedule for 2024 public holidays

Moscow Exchange announces the trading schedule for its market for Russian public holidays in 2024.

On 3-5 January, 8 January, 29 and 30 April, 10 May and 30 December 2024, the FX, Precious Metals, Equity and Bond, Deposit, Credit, Derivatives and OTC Standardised Derivatives Markets will be open.
On those days, all instruments will trade on the FX and Precious Metals Markets, except trades with "TODAY" settlement and swap transactions with their first parts settled on the same day.
On official public holidays on 1-2 January, 7 January, 23 February, 8 March, 1 May, 9 May, 12 June and 4 November 2024, all Moscow Exchange markets will be closed.
Please note that Saturdays 27 April, 2 November, and 28 December 2024 are regular trading days.

On all other days in 2024, the markets will operate as usual.

Bank of Russia increases key rate by 100 bp to 13.00% p.a.

The Bank of Russia Board of Directors decided to increase the key rate by 100 basis points to 13.00% per annum. Inflationary pressure in the Russian economy remains high. Significant proinflationary risks have crystallised, namely the domestic demand growth outpacing the output expansion capacity and the depreciation of the ruble in the summer months. Therefore, it is required to additionally tighten monetary conditions to limit the upward deviation of inflation from the target and return it to 4% in 2024. The return of inflation to the target and its further stabilisation close to 4% also implies that tight monetary conditions will be maintained in the economy for a long period.

Voting results on the size of the key rate in ACI Russia social networks

This time the range of opinions is very wide for a scheduled meeting. Various signals have been received since the last unscheduled one. The international community is more inclined to the fact that the rate will not be changed, the Russian one that there will be an increase.

DEALER'S FESTIVAL 2023

On August 17, 2023, the default of 1998 turned 25 years old! On this occasion, ACI Russia gathered more than 400 guests, friends and partners at the traditional meeting of the interbank and financial community – Dealer's Fest.

The program of the evening turned out to be very interesting and rich! Three musical groups of different styles and directions, a presentation of sculpture and own smell of the event, contests and prizes from leading dealers, karaoke and disco with hits of 1998 and 2008. Thank you for being with us on this significant date!

Bank of Russia increases key rate by 350 b.p. to 12.00% p.a.

The Bank of Russia Board of Directors decided to increase the key rate by 350 basis points to 12.00% per annum from 15 August 2023. The decision is aimed at limiting price stability risks.

The Bank of Russia Board of Directors will hold a meeting to discuss the level of the key rate

Both ACI members and a wider circle of market participants believe that at an extraordinary meeting of the Board of Directors of the Bank of Russia, the rate will be raised to around 10.0% per annum, while the professional circle is more restrained in its forecasts

Risk overview of financial markets

From August 1, 2023 to January 31, 2024 the Bank of Russia in addition to regular operations under the budget rule, will sell yuan worth 2.3 billion rubles daily. The "RISK REVIEW OF FINANCIAL MARKETS" for July 2023 has been published

ACI Russia has taken the initiative to hold the 25th anniversary of the Dealer's Day together with MMVA

A corresponding letter was sent to the President and the Council of the Moscow International Monetary Association to make this year's dealer holiday outstanding and unforgettable. "We believe that now, more than ever, all market participants need unity and holding a common dealer holiday would benefit the members of both our organizations," the letter says.

The full text can be found at the link below

And we are waiting for everyone on the Loft Boat on August 17 at 19:00. Details and registration are here

Bank of Russia increases key rate by 100 b.p. to 8.50% p.a.

On 21 July 2023, the Bank of Russia Board of Directors decided to increase the key rate by 100 basis points to 8.50% per annum. Current price growth rates, including a variety of underlying indicators, have exceeded 4% in annualised terms and are still on the rise. The increase in the domestic demand surpasses the capacity to expand production, including due to the limited availability of labour resources. This reinforces persistent inflationary pressure in the economy. Inflation expectations have risen. Domestic demand trends and the depreciation of the ruble since the beginning of 2023 significantly amplify proinflationary risks. The Bank of Russia's monetary policy will curtail inflation's upward deviation from the target and is aimed at bringing inflation back to 4% in 2024.

Bank of Russia key rate survey

Opinions have quite strongly split and divided, concentrating around a rate increase of 50 bps. Attention is drawn to the fact that the responses of the Russian professional part of the community are more inclined to the rate of 8.5%, while the international one to 8.0% at the meeting on Friday

DEALER'S FEST 2023. 25 YEARS OF DEFAULT!

On August 17, the financial community recalls the events of 1998, when Russia defaulted on the main types of government securities. On this date, a new era of the Russian financial market began. Those who "survived" received a harsh lesson in proper risk management, the importance of trust and the need for proper development of public finances. And in 2023 we are celebrating our 25th anniversary!

Venue: Loft Boat (Moscow)
Route: from the berth of the Northern River Station along the Moscow Canal and back
Time: Thursday, August 17th. At 19:30 the ship sails, do not be late!
At 24:00 we will return to the Northern River Station
There will be no stops along the trip

And don't forget to capture the good market mood!

Launch of the Global Cryptoasset Standards

We are pleased to inform you that, today, the Global Cryptoasset Standards have been launched by GBBC Digital Finance (GDF).

The Standards are a code of conduct for financial institutions engaging in intermediation activities such as brokerage, custody, and settlement of cryptoassets like bitcoin and Ethereum.

This document was inspired by global best practice industry standards and codes, such as the FX Global Code, and it offers robust industry best practices to ensure regulated firms meet the highest standards of conduct when handling cryptoassets.

ACI FMA, as a participating member of the Global Financial Institutions for Cryptoassets Working Group that took the leading role in the concept, development and implementation of these Standards, is extremely proud to have collaborated on these important guidelines for all Market Participants in the Cryptoasset Market.

How can a retail investor distinguish high-quality financial analytics from low-quality

The Association of Financial Analysts (AFA) and the National Financial Association (NFA) have jointly created a checklist for retail investors, which will help distinguish high-quality financial analytics from low-quality ones.

ACI Russia has prepared recommendations for the Code of trading participants on MOEX

ACI Russia, together with the Moscow Exchange working group on the Code of Conduct, has prepared recommendations to market participants to minimize currency exchange rate fluctuations.

The Code has a recommendation character. At the same time, taking into account the importance of the purpose of the Code, MOEX encourages Organizations to join the Code and strive to carry out their activities in the financial market in accordance with the principles of the Code. To join the Code, it is necessary to send a signed Declaration of Accession to the Code to the Department for Internal Control and Compliance of PJSC Moscow Exchange.

Bank of Russia keeps the key rate at 7.50% p.a.

The Bank of Russia Board of Directors decided to keep the key rate 7.50% per annum. Current price growth rates, including the stable indicators of inflation, continue to increase. Inflation expectations of households and businesses' price expectations remain high. Economic activity is rising faster than the Bank of Russia's April forecast assumed, which in large measure reflects a strong rebound in domestic demand. Accelerating fiscal spending, deteriorating terms of foreign trade and the situation in the labour market remain pro-inflationary risk drivers. The overall balance of inflation risks has tilted even more to the upside.

ACI Russia's сommunity voting on the key rate

This time we conducted a separate survey on the rate in the closed group ACI Russia, which consists only of members of the community, and in a broader public group.

In general, the prevailing professional opinion on both sides of the borders of the Russian Federation is that the RUB rate will be maintained at the current level.

It is noteworthy that the range of solutions offered by the public group is much wider and has less concentration on the current rate.

Moscow Exchange trading schedule in June 2023

Moscow Exchange announces the trading schedule for its markets in June 2023.

The Moscow Exchange Equity & Bond, Money, Derivatives, FX and Precious Metals Markets will be closed for trading and settlement on the holiday weekend of 12 June 2023.

ACI Russia Congress 2023

More than 120 members, friends and guests of the Association gathered at the ACI Russia evening event at the ART COURT Moscow Center Hotel.

During the Congress, ACI Russia President Evgeny Egorov and ACI Russia Vice President Dmitry Piskulov made a report on the work of the Association's Board and management for the year, and also presented ACI Russia's plans for future periods. According to the results of the voting of the members of the Association present, the work of the Council was recognized as satisfactory and unanimously supported by the delegates of the Congress.

The next presentation was an interview with Evgeny Egorov, President of ACI Russia, with Valery Lyakh, Director of the Bank of Russia's Department for Countering Misconduct. Evgeny tried to accumulate all the issues of concern to market participants, and the interview turned out to be lively and very relevant. They also touched upon the use of AI in financial markets and, in particular, in the work of the Bank of Russia itself.

Roman Loktionov, Director of OTC Derivatives at the MOEX, spoke in detail about the instruments of the SPFI market for Chinese yuan. The participants of the Congress also discussed the use of artificial intelligence in the financial market, future trends and forecasts, the most incredible developments until 2050. Panel moderator Pavel Pikulev (CEO EMCR.io ) invited leading analysts: Egor Susin (Gazprombank), Viktor Tunev (@Truevalue), Mikhail Vasiliev (Sovcombank), Valery Weisberg (IK Region), Anton Tabakh (Expert RA) to participate in the foresight game and speculate on the future of the economy, and everything humanity as a whole!

At the end of the official part, all the guests were waiting for a cocktail and irreplaceable communication on the sidelines, as well as gifts from the partner of ACI Russia Congress 2023 – the supplier of natural coffee LES COFFE. Sovcombank also pleased the guests of the Congress with original magazines with comics about financial markets.

ACI FMA Insights Nº 8

The 8th edition of ACI FMA Insights Newsletter has been launched and it's now available!

This new edition is dedicated to the ACI FMA Spring Meetings and the 31stACI FMA Croatia General Assembly and Financial Markets Conference 2023, which will take place in Zagreb from 16th to 19th May. Additional details and much more can be found in the column that Mario Kolinski, ACI Croatia President shared with us. Please also visit the Congress website for more details: https://acifma.hr/zg2023-en/

In this edition, you can also find the contribution of John K. Estrada, ACI FMA Chair of FX Committee, the detailed vision of Rui Correia, ACI FMA Executive Director and Chair of the Board of Education, on the importance of continuous training, certification, good practices and the numerous possibilities that the ELAC platform offers to financial market participants, as well as the joint welcome message from Stéphane Malrait, ACI FMA Chairman and Kim Winding Larsen, ACI FMA President.

The objective of the Newsletter is to bring news and updates from ACI FMA activity to all our global ACI members.

ACI FMA are longstanding proponents and influencers of ethical conduct and good market practices to all financial market professionals.

ACI Russia Congress 2023 - start of application acceptance!

We are pleased to announce that we are starting registration for the 19th Congress of Members and Friends of the Association - ACI Russia Congress 2023!

May 18, 2023 (Thursday) at the ART COURT Moscow Center Hotel we are waiting for you at 17:00.

ACI Russia has been holding general meetings of the organization annually since its foundation in 2004. This event is not just a formal event, but also a traditional meeting place for the Russian dealer community. The Association continues to focus on representing and protecting the interests of financial market specialists, promoting mutual understanding and education based on professional ethics, strengthening international relations, developing innovation and market initiatives, conducting a dialogue with the regulator and providing its professional expertise.

This year's program includes a report by the President of the Association Evgeny Egorov, a speech by a representative of the regulator, a discussion by leading analysts and experts and, of course, irreplaceable networking with colleagues and informal communication.

Bank of Russia keeps key rate at 7.50% p.a.

The Bank of Russia Board of Directors decided to keep the key rate at 7.50% per annum. Current rates of price growth have increased since late 2022 but remain moderate, including in the stable components of inflation. Inflation expectations of households are down. They nevertheless remain elevated, as do businesses' price expectations. Economic activity is rising faster than the February forecast of the Bank of Russia assumed. This reflects both an expansion in domestic demand and the ongoing processes of transformation of the Russian economy. Accelerating fiscal spending, deteriorating terms of foreign trade and the situation in the labour market continue to pose pro-inflation risks. The overall balance of inflation risks has remained essentially the same since the previous Board meeting.

A survey of ACI Russia experts before the decision of the Bank of Russia on the key rate

The consensus, in general, remains. The Bank of Russia, if it does not want to, will not make a surprise for the market. The bid will remain unchanged

Moscow Exchange trading schedule over May holidays

Moscow Exchange announces the trading schedule for its markets for public holidays in Russia in May 2023.

On 8 May, a public holiday, the markets will operate as follows:

• the Equity and Bond, Money, Deposit, Credit and Derivatives Markets will trade as usual;
• the FX and Precious Metals Markets will trade all instruments, except for spot transactions settled on the trade date (TODAY settlement) and overnight swaps;
• OTC transactions with the central counterparty (CCP) in the Standardised OTC Derivatives Market (SPFI) will be settled for all instruments, except for SPFI contracts involving obligations denominated in Russian roubles.

On 28 April, 2-5 and 10-12 May 2023, which are official working days, the Equity and Bond, Money, FX, Precious Metals, Derivatives and Standartised OTC Derivatives Markets will trade as usual.

On 29–30 April, 1 May, 6–7 May and 9 May 2023, all MOEX markets are closed.

Bank of Russia keeps key rate at 7.50% p.a.

The Bank of Russia Board of Directors decided to keep the key rate at 7.50% per annum. Current rates of price growth remain moderate, including in the stable components of inflation. Inflation expectations of households are down significantly but remain elevated, as do businesses' price expectations. High-frequency data suggest that a recovery in business and consumer activity is ongoing. Accelerating fiscal spending, deteriorating terms of foreign trade and the situation in the labour market continue to pose pro-inflation risks. The overall balance of inflation risks has remained essentially the same since the previous Board meeting.

Experts are unanimous on the eve of the decision on the key rate of the Bank of Russia

According to the survey results, an ideal picture turns out: according to all analysts, the Bank of Russia will definitely leave the rate unchanged. At the same time, if some participants were in the place of the Board of the Bank of Russia, then one person would raise it by 50 bps, and one person would lower it by the same 50 bps. We are waiting for a decision tomorrow

Bank of Russia establishes International Settlements Department

A new structural unit — the International Settlements Department — has been created at the Bank of Russia on 15 February 2023.

The Department will deal with issues that have become especially relevant in view of Russia sanctions. These issues include the development of correspondent relations between Russian banks and their counterparties from friendly countries, transition to settlements in national currencies, as well as the expansion of opportunities for cross-border transactions.

The new department is headed by Mikhail Kovrigin, the former director of the Financial Market Strategy Department.

In addition, a decision was made to establish from 15 February 2023 the Department for Cooperation with International Organisations on the basis of the International Cooperation Department, which, in turn, will be abolished before 1 September 2023.

Bank of Russia keeps key rate at 7.50% p.a.

The Bank of Russia Board of Directors decided to keep the key rate at 7.50% per annum. Current price growth rates are increasing, remaining moderate in terms of sustainable components. Inflation expectations of households and businesses edged down but remain elevated. Economic activity trends evolve better than the Bank of Russia's October forecast. Although households' consumer behaviour is still cautious, there appear signs of recovery in consumer activity. Accelerating fiscal spending, deteriorating terms of foreign trade and situation in the labour market intensify pro-inflation risks.

Bank of Russia key rate - a survey of experts

This time, there is 100% market confidence in keeping the rate at the current level, although if some participants were in the place of the Central Bank, they would take a step towards lowering it

Moscow Exchange trading schedule in February 2023

Moscow Exchange announces the trading schedule for its markets over the February 2023 public holiday period.
23 February 2023 is a non-trading day on all MOEX markets.

On Friday, 24 February 2023, the markets will operate as follows:

• The Equity and Bond, Deposit and Credit and Derivatives Markets will trade as usual;
• The FX and Precious Metals Markets will trade all instruments, except for spot transactions settled on the trade date (TODAY settlement) and overnight swaps; and
• OTC transactions with the central counterparty (CCP) in the Standardised OTC Derivatives Market (SPFI) will be settled for all instruments, except for SPFI contracts involving obligations denominated in Russian roubles.

ACI FMA Spring Meetings: Zagreb, 16-18 May

As announced, ACI FMA is pleased to confirm that the 2023 Spring Meetings will be held in Zagreb, from 16th to 18th May.

For the first time, ACI Croatia will be welcoming the ACI FMA community and hosting the ACI Spring Meetings, which will be followed by the ACI FMA Croatia Annual Assembly and Financial Markets Conference, on the 19th of May.

Save the Date and join us in Croatia! We are currently working on the Agenda and will be updating this topic regularly. Please stay tuned.

Discover the preliminary programme below

The implementation of the projects INTERBANK and DIPLOMACY has begun

In the context of the termination of correspondent and counterparty relations of Russian commercial banks, including those that have not been sanctioned, with banks of unfriendly countries, the implementation of the projects "Interbank" and "Diplomacy" has begun to facilitate the establishment of new correspondent, counterparty, social and cultural relations of the community of specialists of the Russian financial market with the relevant communities of neutral countries.

The main objectives of the projects are to develop contacts with national organizations of the International Association of Financial Market Specialists ACI Financial Markets Association (ACI FMA) and the diplomatic services of the respective countries, the organization of negotiations on the establishment of direct interbank correspondent relations in national currencies, primarily with banks in China and the UAE.

According to the procedure published by the Ministry of Finance of the Russian Federation, on 13 January 2023, the Bank of Russia will resume FX buy (sell) operations in the domestic FX market as part of the Ministry's fiscal rule mechanism.

These operations will be performed in the Moscow Exchange FX Market for CNYRUB_TOM instrument.

In order to minimise the impact of the above operations on the exchange rate dynamics, the Bank of Russia will buy (sell) foreign currency in the market evenly throughout every trading day of the month.

The Bank of Russia's approaches to its monetary policy will remain unchanged under the fiscal rule mechanism. The Bank of Russia retains the option to conduct operations in the FX market to maintain financial stability.

Happy New Year from ACI Russia

Dear friends!

We wish you a happy New Year and hope that we will all be able to realize our own plans, hopes and dreams!

In the outgoing year, we were able to continue working on important projects of ACI Russia: education, weekly analytical broadcasts "Pro Markets", clarification of the methodology for calculating official rates for the Bank of Russia, additional translation of the FX Global Code, to preserve and strengthen the efficient team of the management and members of the Association.

We will dream of prosperity, hope for peace and plan to hold a Congress, a Dealer's Festival and the eFX Summit in 2023! And make every effort to increase the value of our community of professionals for each of you!

May the upcoming holidays be a time of peace and personal happiness. See you again in 2023!


Vice President of ACI Russia Dmitry Piskulov
President of ACI Russia Evgeny Egorov

The final Council of ACI Russia was held this year. It approved the schedule of the Association's traditional events for 2023. Add dates to your calendar so you don't miss it!

We had ACI Russia & Friends New Year party 2023

At a festive New Year's party on Monday, December 19, 2022 at the Mandarin Combustible bar, the regional public organization of financial market professionals ACI Russia summed up the results of the year and announced the winner of the Bank of Russia's key rate forecast contest for 2022.

More than 130 guests – members and friends of ACI Russia were gathered by the Mandarin Bar. The traditional greeting of Father Frost, the string quartet of classical music "Gloria", the performance of the soloist of the group "Flight School" with original songs with guitar, professional company and pleasant communication – ACI Russia thanks everyone for their support in 2022!

The President of the Association Evgeny Egorov personally noted one of the leaders of the regular ACI Russia forecast contest on the decision on the key rate of the Bank of Russia – Nikolay Panyukov (Centrocredit Bank), as well as the most active participants in the weekly PRO MARKETS – ACI RUSSIA calls - Egor Susin (Gazprombank) and Viktor Tunev (Ingosstrakh Investments).

ACI Russia was founded in 2004, is affiliated with the international ACI FMA and currently unites more than 400 people who are professional participants in the financial market, acts as an independent expert platform of the currency and money market and organizer of events. The news feed, survey results and information about past and future events can be found on the website www.acirussia.org or in the social networks of the Association.

The Bank of Russia keeps the key rate at 7.50% p.a.

On 16 December 2022, the Bank of Russia Board of Directors decided to keep the key rate at 7.50% per annum. Current consumer prices are growing at a moderate rate, and consumer demand is subdued. Inflation expectations of households and businesses, essentially unchanged, remain elevated. At the same time, pro-inflation risks are up and prevail over disinflationary risks. This comes as a result of rising inflation pressures from the labour market, worsening foreign trade conditions and a softer fiscal stance.

ACI Russia Council was held online

On Thursday, December 8, the next ACI Russia Council was held. You can find the minutes at the link below

The final survey on the Central Bank rate this year

Market participants are absolutely unanimous that the Bank of Russia will leave the rate unchanged. If they made the decision themselves, it would, on average, be slightly lowered

The New Version of the Global Precious Metals Code has been Launched

Important news for all Market Participants in the Precious Metals Market

As previously announced, the London Bullion Market Association (LBMA) has been working with industry stakeholders, such as ACI FMA, in the revision of the Global Precious Metals Code that was initially launched in May 2017 (for that purpose, two Public Consultations were launched in Q3 and Q4 2022).

Today, the LBMA publicly announced the launch of the updated version of this Code, and there is no doubt that such a document continues to reflect important guidelines that set out the minimum standards and best practices expected from Market Participants in the Precious Metals Market.

ACI FMA FX Options Course Available in ELAC

Important addition to our suite of educational products. ACI FMA would like to let you know that our new FX Options Course is now available in our E-Learning, Attestation and Certification Portal (ELAC).

We believe that this is an appropriate complement to the current educational offering from ACI FMA, so all ELAC users will now be able to benefit from the ACI FMA FX Options Course for free, as part of their current ELAC subscription and until further notice, with ACI FMA reserving the right to potentially change these conditions in the future.

This Course aims to enhance the knowledge and competence of all individual market participants to FX Options, a unique derivative product which is extremely relevant for the foreign exchange market and traded by a diversified number of market professionals working in the global financial markets.

ACI Russia & Friends New Year party 2023

ACI Russia thanks you for your support in 2022 and invites you to gather on the eve of the New Year 2023 in the bar "Mandarin Combustible"!

Registration for the event is open to ACI Russia members who have paid the membership fee for 2022, friends of ACI Russia by special invitations (we will send you a promo code).

The members of the ACI Russia Board will choose the most active participant in the regular ACI Russia voting on the rate of the Central Bank of the Russian Federation, who most accurately predicted its size in front of each Board of Directors of the Bank of Russia throughout the year. Participate and vote! You still have a chance to become a winner

Date of the event: December 19,18:30
Venue: Mandarin Combustible (Moscow, Maly Cherkassky lane 2)

ACI FMA has a new member since November 16th

Please welcome ACI FMA Palestine! It is with great satisfaction that ACI FMA would like to announce that on November 16th, at our ACI FMA Council meeting held in Paris, ACI FMA Palestine was unanimously voted and accepted as the newest member of ACI FMA.

Evolution of digital asset market in Russia: public consultation report

The Bank of Russia proposes to discuss the possibility of circulating digital assets at exchange trading, harmonising approaches to their taxation with traditional financial instruments, conditions for acquiring digital assets by individual institutional investors, establishing the accounting procedure for such investments, as well as opening the domestic market for foreign issuers from friendly countries. These and other initiatives are included in the regulator's report for public consultation.

Monetary Policy Guidelines for 2023–2025

The Bank of Russia has published the Main Directions of the unified state monetary policy for 2023 and the period 2024 and 2025.

In this strategic document, the Bank of Russia explains its approaches to monetary policy in the changed economic conditions, and also presents basic and alternative scenarios for the development of the economy for the next three years.

Global Diversity Awareness Month Series

As part of the Global Diversity Awareness Month Series, we invite you to click and access the third and last interview.

To conclude our celebration and support of Global Diversity Awareness Month, ACI UK and ACI FMA are delighted to share the third in its series of interviews, recorded with prominent female leaders in the financial markets, discussing diversity in our industry in 2022.

In this third conversation, ACI UK Executive Committee and ACI FMA FX Committee member Sam Horowitz sat down with Ozgun Unal, Executive Director and Head of eFX Distribution UK at UBS to talk about "Being a Supportive Partner for Diversity and Inclusion within the Markets Community".

Moscow Exchange launches trading in Kyrgyz som and Tajik somoni

MOEX continues to develop tools in national currencies and plans to start trading in the currency pairs "Kyrgyz som – Russian ruble" (KGS/RUB) and "Tajik somoni – Russian ruble" (TJS/RUB) from October 31, 2022.

The Bank of Russia keeps the key rate at 7.50% p.a.

On 28 October 2022, the Bank of Russia Board of Directors decided to keep the key rate at 7.50% per annum. Current growth rates of consumer prices as a whole remain low, contributing to a further slowdown in annual inflation. Inflation expectations of households and businesses are high and have slightly grown relative to the summer months. The updated forecast assumes inflation for the end of 2022 to total 12.0–13.0% and takes into account the preponed indexation of utility prices among other factors. The Bank of Russia assesses that the partial mobilisation will serve as a deterrent to consumer demand and inflation over the horizon of coming months. However, its subsequent effects will be pro-inflationary as it adds to supply-side restrictions.

On the eve of the decision on the rate

Most market participants believe that the Bank of Russia will leave the key rate unchanged and the range for decisions is quite narrow. Attention is drawn to the fact that if they made the decision themselves, they would be more inclined to lower the rate

Global Diversity Awareness Month Series

As part of the Global Diversity Awareness Month Series, ACI FMA is please to announce that the second conversation is now available.

To continue our celebration and support of Global Diversity Awareness Month, ACI UK and ACI FMA are delighted to share the second in its series of interviews, recorded with prominent female leaders in the financial markets, discussing diversity in our industry in 2022.

In this second conversation, ACI UK Vice President Katharine Leaman sat down with Klaudia Gorczyca, CEO and Founder of Dialogue Age, to talk about Inclusivity and Equal Opportunities in the Financial Markets.

Please take some time to view the inspiring and interesting dialogue of this noteworthy contribution.

Our sincere thanks to Klaudia for kindly sharing her views and insights and allowing us to share them with you.

2022 ACI World Congress

The 60th ACI World Congress will take place in Paris at the Palais Brongniart on Thursday 17th November 2022 in partnership with The Full FX.

This year's theme is Defining The Future of Financial Markets and we are planning a fantastic lineup of speakers.

Updates on this event will be posted regularly on www.acifma.com

Global Diversity Awareness Month Series

ACI FMA celebrates Global Diversity Awareness Month with special conversations.

To celebrate and support Global Diversity Awareness Month, ACI FMA and ACI UK are delighted to share a series of interviews recorded with prominent female leaders in the financial markets to discuss diversity in our industry in 2022.

As a global financial markets association, ACI FMA recognize that today, more than arguably at any time, supporting market participants to adhere to principles of ethical conduct means a focus not solely on enhancing best market practice but also on being an advocate for the sorts of cultural change we need to see.

For our first conversation ACI UK Committee Member Noel Singh sat down with Jasmin Fellner-Bozdag, Director, Head of eFX Sales EMEA at BNY Mellon to explore diversity, equal opportunities and how the employment landscape has changed in the banking industry.

It's a fascinating and important discussion. We hope you enjoy and our deepest thanks to Jasmin for so kindly sharing her thoughts and insights with us and allowing us to share them with you and your ACI members.

The Global Precious Metals Code is under review

ACI FMA has decided to show its strong appreciation to the London Bullion Market Association (LBMA) for leading the current review of the Global Precious Metals Code, as well as for allowing ACI FMA to provide feedback to the Initial and Final Public Consultations included in that review.

Moscow Exchange trading schedule 2023 holidays

Moscow Exchange announces the trading schedule for its market for 2023 public holidays.

On 3-6 January, 24 February, 8 May and 6 November 2023, the FX, Precious Metals, Equity and Bond, Deposit, Credit, Derivatives and OTC Standardised Derivatives Markets will be open.

On the above dates, the FX and Precious Metals Markets will trade all instruments, except spot transactions settled on the trade date ("today" settlement) and overnight swap transactions.

On official public holidays on 1-2 January, 7 January, 23 February, 8 March, 1 May, 9 May, 12 June and 4 November 2023, all Moscow Exchange markets will be closed.

On all other days in 2023, the markets will operate as usual.

Bank of Russia develops additional procedures for setting official foreign exchange rates

The Bank of Russia has developed additional procedures for setting official exchange rates of foreign currencies against the ruble to reflect the situation in the markets more accurately. Exchange rates will be set based on data from extra alternative sources such as bank reporting and OTC platforms.

The Bank of Russia has prepared a draft ordinance on making appropriate amendments to the procedure for calculating and publishing official foreign exchange rates.

Review of the Global Precious Metals Code

The Global Precious Metals Code is currently being reviewed by the LBMA.
In August 2022, ACI FMA has launched a temporary Working Group with the objective of collecting feedback from our members on the proposed review of the Global Precious Metals Code which has been undertaken by the London Bullion Market Association ("LBMA").

On the procedure for trading the British pound

Since October 3, 2022, trading in the British pound has been suspended on the foreign exchange market of the Moscow Exchange. The restrictions will affect spot and swap instruments for the British pound – Russian ruble (GBPRUB) and British pound- US dollar (GBPUSD) currency pairs in exchange and over-the-counter modes.

Bank of Russia cuts key rate by 50 bp to 7.50% p.a.

Bank of Russia Board of Directors decided to cut the key rate by 50 basis points to 7.50% per annum. Current consumer price growth rates remain low, contributing to a further slowdown in annual inflation. This is due to both the influence of a set of one-off factors and subdued consumer demand. Developments in business activity are better than the Bank of Russia expected in July. However, the external environment for the Russian economy remains challenging, invariably putting significant constrains on economic activity. Inflation expectations of households and price expectations of businesses remain elevated.

Rate forecasts

The market is waiting for a rate cut of 50 basis points to 7.50%, a third of those who voted believe that in the current situation it is possible to act more proactively and reduce the rate to 7.00% per annum.

Settlement period: international transactions with cryptocurrencies can be launched in 2023

International transactions with cryptocurrencies may begin as early as next year. This was told to Izvestia by the Director of the Financial Stability Department of the Ministry of Finance Ivan Chebeskov, the information was confirmed by the Head of the State Duma Committee on the financial market Anatoly Aksakov. According to him, the business itself will choose which cryptocurrency to trade in, and the MOEX and SPB Exchange could conduct operations.

Moscow Exchange to add trading hours

Moscow Exchange plans to resume after-hours trading on the Equity & Bond Market, as well as pre-market trading on the Derivatives and FX Markets on 12 September 2022. This will mean trading will run for 12 hours on the FX Market, 14 hours on the Equity and Bond Markets and 15 hours on the Derivatives Market.

Results of the ACI Russia Council on 24 of August

The next Council of the Association was held in online format (Telegram messenger), at which new members of ACI Russia were accepted. However, the Council decided to abandon the ACI Russia eFX Summit this autumn due to the tense sanctions situation in the world and the absence of foreign participants.

Dealer's Festival 2022 on August, 17

On August 17, 2022, ACI Russia gathered about 300 guests on the Loft Boat at the traditional holiday of the interbank and financial community – Dealer's Fest, dedicated to the Dealer's Day - memories of the default of the Russian Federation in 1998, which determined the development of the market for many years.

Bank of Russia cuts key rate by 150 bp to 8.00% p.a.

The Bank of Russia Board of Directors decided to cut the key rate by 150 basis points to 8.00% per annum. Current consumer price growth rates remain low, contributing to a further slowdown in annual inflation. This is due to both the influence of a set of one-off factors and the subdued consumer demand. Inflation expectations of households and businesses have significantly decreased, reaching the levels of spring 2021. The decline in business activity is slower than the Bank of Russia expected in June. However, the external environment for the Russian economy remains challenging and continues to significantly constrain economic activity.

Waiting for the Central Bank's decision on the rate

The experts expressed their opinion. Most votes were given to the decision to lower the rate by 50 bp. Attention is drawn to the fact that analysts believe that the Central Bank will act more cautiously than they would have acted themselves, being in its place

ACI Russia has sent an official request from its members to the Bank of Russia

ACI Russia, at the request of professional market participants, sent an official letter to the Bank of Russia with a request to clarify the procedure for carrying out certain operations between subsidiary banks-residents of the Russian Federation and parent Head offices – residents of states that carry out unfriendly actions against the Russian Federation. The text of the letter can be found in more detail on the ACI Russia website

GFXC to Continue Work Programme: Reminds Slow Re-Adopters of FX Global Code

The Global Foreign Exchange Committee met in person for the first time since the pandemic hit on June 27-28 and agreed the work programme for the next two years, including a survey of market participants to gauge their reaction to the revised FX Global Code, published in July 2021. During the meeting, the Swiss National Bank's Andréa Maechler, chair of the GFXC, warned that the committee expects those firms yet to renew their Statement of Commitment to the revised Code to "do so shortly"

Bank of Russia cuts key rate by 150 bp to 9.50% p.a.

On 10 June 2022, the Bank of Russia Board of Directors decided to cut the key rate by 150 basis points to 9.50% per annum. The external environment for the Russian economy remains challenging and significantly constrains economic activity. At the same time, inflation is slowing faster and the decline in economic activity is of a smaller magnitude than the Bank of Russia expected in April. Recent data suggest that price growth rates in May and early June have been low. This comes as a result of ruble exchange rate movements and the tailing-off of the surge in consumer demand in the context of a marked decline in inflation expectations of households and businesses.

Moving forward, in its key rate decision-making the Bank of Russia will take into account actual and expected inflation dynamics relative to the target and economic transformation processes, as well as risks posed by domestic and external conditions and the reaction of financial markets. The Bank of Russia will consider the necessity of key rate reduction at its upcoming meetings. According to the Bank of Russia's forecast, given the current monetary policy stance, annual inflation will total 14.0–17.0% in 2022, decline to 5.0–7.0% in 2023 and return to 4% in 2024.

ACI Russia conducted a survey of the professional community on the eve of the vote on the key rate

Most analysts and market participants predict a reduction in the key rate on Friday by 100 b.p. to 10% per annum. The Russian segment is more aggressive in forecasts for rate cuts than the international one

Moscow Exchange trading schedule over June 2022 holidays

Moscow Exchange announces the trading schedule for its markets for June 2022.
On 11-13 June, the Moscow Exchange Equity & Bond, Money, Derivatives, FX and Precious Metals Markets will be closed for trading and settlement of trades due to a holiday weekend.

We are on EMCR.io

Now the Telegram channel @acirussia feed is available on our page on EMCR!
Join the EMC community and subscribe to the channel with vacancies from the financial sector @EMCR_jobs

A meeting of the updated ACI Russia Council was held under the leadership of the new President

The ACI Russia Council held its first meeting in the updated composition in hybrid format. On the agenda questions about the admission of new members of the Association, the organization Council work with new staff, connection with the regulator, making an event plan for ACI Russia until the end of this year and so on were raised.

Bank of Russia cuts key rate by 300 bp to 11.00% p.a.

The Bank of Russia Board of Directors decided to cut the key rate by 300 basis points to 11.00% per annum effective from 27 May 2022. The latest weekly data point to a significant slowdown in the current price growth rates. Inflationary pressure eases on the back of the ruble exchange rate dynamics as well as the noticeable decline in inflation expectations of households and businesses. In April annual inflation reached 17.8%, however, based on the estimate as of 20 May, it slowed down to 17.5%, decreasing faster than in the Bank of Russia's April forecast.

Funds continue to flow into fixed-term ruble deposits while lending activity remains weak. This limits proinflationary risks and makes it necessary to ease monetary conditions.

External conditions for the Russian economy are still challenging, considerably constraining economic activity. Financial stability risks decreased somewhat, enabling a relaxation of some capital control measures.

Moving forward, in its key rate decision-making the Bank of Russia will take into account actual and expected inflation dynamics relative to the target and economic transformation processes, as well as risks posed by domestic and external conditions and the reaction of financial markets, and holds open the prospect of key rate reduction at its upcoming meetings. According to the Bank of Russia's forecast, given the monetary policy stance, annual inflation will decrease to 5.0–7.0% in 2023 and return to 4% in 2024.

The Bank of Russia Board of Directors will hold its next rate review meeting on 10 June 2022. The Board decision press release is to be published at 13:30 Moscow time.

ACI Russia conducted a survey of experts before the extraordinary meeting of The Bank of Russia Board of Directors on the rate

The voting results of ACI Russia members show a wide range of possible decisions of the Central Bank, but, in any case, an emergency meeting seems unlikely to be convened for a slight rate cut

The voting results to the governing bodies of the Association have been aproved

The current Council of ACI Russia approved the results of voting on the election of the President of the Association and members of the Council for 2022-2024

Gaining 70.69% of the votes in FAVOR, Evgeny Egorov (Alfa-Bank) was elected as President of the Association, Dmitry Piskulov (MOEX) was elected as Vice-President of the Association for the next two years,.

According to the results of the vote of 113 members, 15 people were included in the Council of the Association for the term up to 2024:

Vladimir Borisov, OTP Bank
Kirill Vychuzhanin, Alfa-Bank
Alexey Evdokimov, NT Progress
Evgeny Egorov, Alfa-Bank
Aliya Zubkova, Otkritie
Konstantin Zyryanov, Tolyattikhimbank
Veronika Kapranova, Bank of Russia
Alexander Kiryanov, DELTA
Vladimir Kozinets, Rolf
Mikhail Nazarov, Sovcombank
Mikhail Petushkov, Unicreditbank
Dmitry Piskulov, MOEX
Anna Senina, Refinitiv
Andrey Sumin, Sberbank
Vladimir Yarovoy, MOEX

The plans of the updated management bodies of ACI Russia – The Financial Markets Association - continue to unite the community of financial market professionals, provide a platform for discussions on the topics of market development, its regulation and removal of restrictions, provide an information platform for analysts and opinion leaders.

In the next 2 weeks, it is planned to hold a meeting of the Council in a new composition and approve the action plan and goals of the Association by the end of the year.

The ACI Russia Congress 2022 was held in an online format in Zoom

Speakers at the Congress were: Sergey Romanchuk, President of ACI Russia, Head of Trading, Metallinvestbank; Dmitry Piskulov, Vice President of ACI Russia, Director, International Projects, MOEX; Pavel Pikulev, Chief Strategist for macro, FX & rates, Treasury, Sberbank; Viktor Tunev, Chief Analyst, Ingosstrakh Investments Management Company; Dmitry Polevoy, Director for investments, Loco-Invest. Evgeny Egorov, Head of Algorithmic Trading, Alfa-Bank, was elected the host of the Congress.

Sergey Romanchuk briefly spoke about the work carried out by the association over the past year, fulfilling its mission – uniting professional market participants based on commitment to common values: ethical professional code, improving the level of education and professionalism, open unifying communication. The work was organized along several lines: organizing events, working with the regulator through the The Moscow FX Joint Standing Committee of the SRO NFA, participation in the Global Foreign Exchange Committee. The peak of this work was to be the holding of the ACI FMA Global Congress in Moscow in the fall of 2022, but due to new external conditions, its holding in the Russian Federation was canceled.

Dmitry Piskulov spoke about the successful work with the Bank of Russia on changing the methodology for calculating the official ruble exchange rate and educational projects.

In the second panel, Vladimir Yarovoy shared how the MOEX is coping with current challenges and shared plans to launch new products and services and answered questions from Evgeny Egorov and the participants of the Congress.

The panel on macroeconomics, moderated by Konstantin Zyryanov, ACI Russia Board Member, Chairman of the Management Board, Tolyattikhimbank, assessed the current economic situation and made some forecasts for the future.

At the end of the Congress, they were given the opportunity to submit their candidacies to the ACI Russia Council for the next two years (its number was determined at 15 people), as well as to the posts of President and Vice President, where Evgeny Egorov (Alfa-Bank)/Dmitry Piskulov (MOEX) and Alexey Evdokimov (NTPro) /Mikhail Petushkov (Unicreditbank) were nominated. After the Congress, the procedure of electronic absentee voting on the nominated candidates was launched, the results of which will be summed up on May 25, 2022 by the election (counting) commission, which included Sergey Romanchuk (Metallinvestbank) and Andrey Skabelin (MOEX), who did not submit their candidacies to the governing bodies of the association for a new term.

The elections of the President and Council of ACI Russia will be held online in May 2022

On Thursday, April 28, the ACI Russia Council decided to schedule the next elections of the President and Council of the Association for May 2022. In this regard, the ACI Russia Congress 2022 will be held online on May 17.

Any member of ACI Russia can nominate his candidacy for the positions of President, Vice President and member of the Council by 17:00 on May 16, 2022. Please, send your applications in a free form with your full name, email address, contact phone number and desired position in the management bodies of ACI Russia to the mail acirussia@gmail.com. Also let me know if you are ready to become a member of the election commission.

After checking your application, your candidacy will be submitted to a general electronic vote.

The decision is made by a simple majority of the votes of those who took part in the voting. The voting results will be announced and published on the official website of ACI Russia acirussia.org, in social networks, as well as in the e-mail newsletter.

The current President, Sergey Romanchuk, has decided not to nominate his candidacy for the post of President and member of the Council of ACI Russia for a new term.

The Bank of Russia cuts the key rate by 300 b.p. to 14.00% p.a.

On 29 April 2022, the Bank of Russia Board of Directors decided to cut the key rate by 300 basis points to 14.00% per annum. The external environment for the Russian economy remains challenging and significantly constrains economic activity. With price and financial stability risks no longer on the rise, conditions have allowed for the key rate reduction. Recent weekly data indicate a slowdown in current price growth rates on the back of a strengthening of the ruble and a cooling of consumer activity. Further inflation movements will be shaped by such impactful factors as the efficiency of import substitution processes and the scale and speed at which imports of finished goods, raw materials and components will be recovering. The Bank of Russia's monetary policy will take into the account the need for a structural transformation of the economy and will ensure a return of inflation to target in 2024.

ACI Russia conducted a regular survey about key rate decision

The participants of the ACI Russia survey, unlike the Bloomberg survey, do not rule out a sharper reduction in the key rate - up to 14% at once. At the same time, some see a space of opportunities for reducing immediately to the level of 10% per annum, although no one expects such a sharp movement from the Central Bank.

Bank of Russia changes procedure for calculating official exchange rates

To ensure business continuity of economic agents in the Russian Federation, the Bank of Russia switches to setting official exchange rates of foreign currencies against the ruble as of 15:30 Moscow time.

The US dollar/ruble exchange rate will be calculated on the basis of the Moscow Exchange data on the weighted average USD/RUB exchange rate for transactions carried out from 10:00 to 15:30 Moscow time. Previously, the calculation period was from 10:00 to 16:30 Moscow time.

Additionally, in order to improve the representativeness of the official exchange rates of the euro and yuan against the ruble, the Bank of Russia is to use the methodology similar to the calculation of the US dollar official exchange rate, namely, based on the weighted average exchange rates of the euro and yuan against the ruble calculated for transactions carried out at on-exchange trading organised by the Moscow Exchange from 10:00 to 15:30 Moscow time.

Elvira Nabiullina appointed to the post of Chairman of the Bank of Russia

Elvira Nabiullina's speech at State Duma's plenary session on Bank of Russia's 2021 Annual Report

The Bank of Russia cuts the key rate by 300 bp to 17.00% p.a.

The Bank of Russia Board of Directors decided to cut the key rate by 300 basis points to 17.00% per annum from 11 April 2022. External conditions for the Russian economy are still challenging, considerably constraining economic activity. Financial stability risks are still present, but have ceased to increase for the time being, including owing to the adopted capital control measures. There is a steady inflow of funds to fixed-term deposits. Annual inflation will continue to rise due to the base effect. Yet, the latest weekly data point to a noticeable slowdown in the current price growth rates, including owing to the ruble's exchange rate dynamics. The tightening of monetary conditions already in place is partly offset by the lending support programmes launched by the Government and the Bank of Russia, but it will continue to limit pro-inflationary risks.

Buehler Named Deputy CEO at XTX as Amrolia Set to Step Down

XTX Markets is preparing for a change of leadership with the news that Zar Amrolia, co-CEO of the firm, will retire from executive duties in early 2023.

Renewed Statement of Commitment to the FX Global Code

The Federal Reserve Bank of New York (New York Fed) today released its renewed Statement of Commitment to the FX Global Code (Code). The Code, which was initially published May 2017, is a set of global principles of good practice in the foreign exchange market, developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market. It was developed by a partnership between central banks and Market Participants from around the globe and most recently was updated in July 2021.

LMAX, Six, to Launch 24/7 Crypto Futures

LMAX Group has partnered with European exchange group Six to launch cash-settled, centrally cleared crypto-asset futures, as the product offering in this asset class ramps up further to meet what is expected to be growing institutional demand for digital assets generally.

Malaysia Should Adopt Crypto as Legal Tender, Ministry Says

Malaysia should adopt Bitcoin and other cryptocurrencies as legal tender, the deputy minister of the Communications and Multimedia Ministry said.

The Bank of Russia has decided to keep the key rate at 20% per annum

Against the background of radically changed external conditions, a sharp increase in the key rate by the Bank of Russia on February 28 supported financial stability and prevented uncontrolled price growth. The Russian economy is entering a phase of large-scale structural adjustment, which will be accompanied by a temporary but inevitable period of increased inflation. The monetary policy pursued by the Bank of Russia will create conditions for the gradual adaptation of the economy to new conditions and the return of annual inflation to 4% in 2024.

ACI Russia conducted a regular survey about key rate decision

Surveys of both Bloomberg analysts and members of ACI Russia show unanimity - the majority believes that the Bank of Russia will leave the key rate unchanged, although there is some probability of continued tightening of monetary policy

Former GFXC Chair and RBA Deputy Governor Debelle Exits Central Bank

The Reserve Bank of Australia has announced that deputy governor Guy Debelle is leaving the central bank after 25 years to take up the role of chief financial officer of Fortescue Future Industries, the green energy and product arm of Fortescue Mining.

The Moscow Exchange has provided customers with the MOEX Dealing messaging service

The Moscow Exchange has provided professional market participants – banks, brokers, management companies, pension funds – with the MOEX Dealing messaging service. The service allows you to enter into transactions on the OTC market with various assets through secure exchange communication channels.

Clients have access to the functionality of negotiating the terms and fixing the status of over-the-counter spot and swap transactions with currencies, interbank lending transactions, as well as purchase and sale and repo transactions with securities.

The Moscow Exchange acts as the administrator of the service, identifies participants and ensures the storage of user negotiation protocols, which increases the reliability and convenience of the service.

Access to the system is provided to customers using a universal connection scheme or ConnectME service

The Bank of Russia introduces a temporary procedure for operations with cash currency

From March 9 to September 9, 2022 , the Bank of Russia establishes the new procedure for issuing funds from foreign currency deposits or accounts of citizens

Announcement: Location Change - 60th ACI FMA World Congress

During the 59th ACI World Congress and 45th ICA Conference, held in Dubai last November, it was announced that the next ACI World Congress would take place in October 2022 in Moscow.

Considering the current events in this region, the ACI FMA Management Board, in close collaboration with ACI Russia, has decided to relocate the 60th ACI World Congress and will announce the new venue and date shortly. ACI FMA will host the event in the last quarter of 2022, most likely in October or November.

ACI FMA represents 59 National Associations globally and one of its objectives is to always ensure the safety and well-being of its representatives.

We are closely following the developments of this conflict and hope that the situation will be resolved quickly without further impact.

Thank you for your continuous support and commitment.

Kind regards,

ACI FMA Management Board

On the mandatory sale of revenue in foreign currency by exporters

Based on the proposals of the Ministry of Finance of the Russian Federation and the Bank of Russia, a decision will be made today to introduce, from February 28, 2022, for residents participating in foreign economic activity, a mandatory sale of foreign currency in the amount of 80% of the revenue owed to residents under all foreign trade agreements.

Bank of Russia decided to raise the key rate from February 28, 2022 to 20% per annum

The external conditions for the Russian economy have changed dramatically. An increase in the key rate will ensure an increase in deposit rates to the levels necessary to compensate for increased devaluation and inflation risks. This will help maintain financial and price stability and protect citizens' savings from depreciation.

The Bank of Russia will make further decisions on the key rate based on the assessment of risks from external and internal conditions and the reaction of financial markets to them and taking into account the actual and expected dynamics of inflation relative to the target, economic development on the forecast horizon.

SRO NFA sent proposals to the Bank of Russia on adapting the financial market to the current conditions

SRO NFA has sent proposals to the Bank of Russia on adapting the financial market to the current conditions.
The proposals are collected from financial market participants and include the most relevant initiatives to date.
The package of proposals includes measures to support credit and non-credit financial organizations, comments on the suspension of short sales on the exchange and over-the-counter markets, actions to offset the effects of volatility on investors, measures to maintain the liquidity of the REPO market, proposals to ensure compliance with liquidity and capital adequacy standards, ways to support the Russian precious metals market, comprehensive measures in terms of ratings and a number of other measures.

Appeal to private investors from MOEX

The Board of MOEX, consisting of representatives of the largest financial market participants, discussed the current situation.
Markets are experiencing extraordinary volatility. We recommend that private investors refrain from excessive emotional reaction and, if possible, refrain from rash transactions.
As long-term practice shows, this can negatively affect the financial results of investments.
The financial authorities of the country have all the necessary resources and are taking measures to stabilize the situation in the markets.

Trading on MOEX during the holidays of February 23 and March 8, 2022

MOEX reminds that during public holidays on February 23 and March 8, 2022, trades will be held on the FX market and the precious metals market, stock, money, derivatives markets and standardised OTC derivatives market.

Renewal of Statements of Commitment to the FX Global Code

We would like to inform you that, this week, all members of the European System of Central Banks (ESCB) have
simultaneously renewed their Statements of Commitment to the FX Global Code, in order to reflect their strong
commitment to the new version of the Code that was published in July 2021.

The members of the ESCB comprise of the European Central Bank (ECB) and the National Central Banks of all
member states of the European Union. With the renewal of these Statements, the ESCB members further
emphasise that adherence and application of all the Code's principles is extremely relevant in ensuring that the
FX Market functions in an effective manner and with continuous integrity.

ACI FMA ELAC - Bring Codes of Conduct and Good Market Practices to Life

ELAC is the ACI FMA Online Portal providing continuous training and certification for Codes of Conduct and Good Market Practices in financial markets, contextualised for industry sectors and financial markets participants, whilst being relevant to their role and experience level.

ACI FMA ELAC training promotes the highest global standards of professionalism, competence and ethical conduct in Financial Markets.

Please watch the video for a detailed presentation of the ACI FMA ELAC Portal (for E-Learning, Attestation and Certification) on Industry Codes of Good Market Practices.

ACI FMA issues a Statement of Support to the FX Global Code

ACI FMA'S initiative that further demonstrates support to the FX Global Code.

As mentioned in our press release of 15th July 2021, ACI FMA is extremely pleased with the new version of the FX Global Code published on that day, as we firmly believe the Code continues to represent a very important set of guidelines for ethical and professional behaviour to all professionals in the wholesale FX Market.

In order to further show our continuous support to the work of the Global Foreign Exchange Committee (GFXC) that ensured the new version remains relevant and up to date, ACI FMA has decided to issue a Statement of Support of the FX Global Code which was addressed to Guy Debelle, Chair of the GFXC.

Our contribution to the continual evolution of the Code started from its inception and we are proud to share with the financial markets industry, on an ongoing basis, the valuable opinions of our members who are longstanding proponents and influencers of the highest standards of ethical and professional conduct.

We have also issued a Statement of Support to the UK Money Markets Code and we will continue to be strongly supportive of these types of guidelines that are essential to and are definitely helping to create more fair, liquid, open and appropriately transparent markets.

Therefore, ACI FMA remains committed to promoting worldwide adherence to these initiatives that aim to implement the adoption of good market practices in the roles of financial market professionals.

European System of Central Banks renews Statements of Commitment to FX Global Code

• FX Global Code promotes robust, fair, liquid, open and appropriately transparent foreign exchange market
• European System of Central Banks publicly reaffirms commitment to updated Code
• Code first published in 2017 and updated mid-2021

The European System of Central Banks (ESCB) welcomes the July 2021 update of the FX Global Code and the publication of related guidance material. With this global code on foreign exchange, participants in foreign exchange markets aim to promote a robust, fair, liquid, open and appropriately transparent foreign exchange market underpinned by high ethical standards. The Code has been updated by the Global Foreign Exchange Committee to keep it relevant and aligned with the ongoing evolution of the foreign exchange market and will continue to set the standard for good market practice. Well-functioning financial markets benefit all market participants and are important to central banks because they ensure the smooth transmission of monetary policy to the real economy. This ultimately benefits the public at large.

Today all members of the ESCB, including the European Central Bank (ECB), simultaneously issued renewed Statements of Commitment to the Code. This demonstrates their strong commitment to adhere to its principles when acting as foreign exchange market participants, to align their internal practices and processes with its updated principles, and to support and promote adherence to the Code. With these Statements of Commitment, they emphasise that the principles of the Code are important in ensuring the continued integrity and effective functioning of the foreign exchange market. To fully achieve the objective of the Code, the EU central banks also encourage foreign exchange market participants in their jurisdictions to review the updated Code and renew their Statements of Commitment.

The Bank of Russia has decided to raise the key rate by 100 bps, to 9.50% per annum

Inflation is significantly higher than the October forecast of the Bank of Russia. The expansion of demand continues to outpace the possibilities of increasing output. The rapid growth of economic activity with limited available labor resources increases inflationary pressure. The conjuncture of the world commodity markets remains inflationary. Inflation expectations are not decreasing yet, remaining at multi-year highs. Under these conditions, the balance of risks for inflation has shifted even more towards pro-inflationary ones. The monetary policy pursued by the Bank of Russia is aimed at returning inflation to 4%.

Medium-term forecast of the Bank of Russia based on the results of the meeting of the Board of Directors on the key rate on February 11, 2022

ACI Russia conducted a regular survey about key rate decision

Before tomorrow's decision of the Bank of Russia on the key rate, the data from the Bloomberg survey of economists mostly coincide with the internal survey of ACI Russia, most are waiting for the rate to rise by 1%. At the same time, if the decision were made by the market, then the distribution of preferences is shifted downwards - a noticeable number of voting participants consider it sufficient to raise the rate by 0.5%, a smaller number would vote not to raise the rate at all, and the same number would vote for a bigger step up.

GDF's yearly compendium review of the crypto and digital assets industry includes contributions from industry leaders, financial institutions, regulators, and policymakers on the extraordinary growth in the digital asset sector throughout the past year.

Comment of the Bank of Russia on operations under the budget rule

The Bank of Russia has decided not to purchase foreign currency on the domestic market as part of the implementation of the budget rule mechanism from 15:00 Moscow time on January 24, 2022.

This decision was made in order to increase the predictability of the actions of the monetary authorities and reduce the volatility of financial markets. The decision to resume the purchase of foreign currency within the framework of the implementation of the mechanism of the budget rule will be made taking into account the actual situation in the financial markets.

For a nation's economy to function effectively, its citizens must have confidence in its money and payment services. The Federal Reserve, as the nation's central bank, works to maintain the public's confidence by fostering monetary stability, financial stability, and a safe and efficient payment system.

This paper is the first step in a public discussion between the Federal Reserve and stakeholders about central bank digital currencies (CBDCs). For the purpose of this paper, a CBDC is defined as a digital liability of a central bank that is widely available to the general public. In this respect, it is analogous to a digital form of paper money. The paper has been designed to foster a broad and transparent public dialogue about CBDCs in general, and about the potential benefits and risks of a U.S. CBDC. The paper is not intended to advance any specific policy outcome, nor is it intended to signal that the Federal Reserve will make any imminent decisions about the appropriateness of issuing a U.S. CBDC.

ACI Russia continues to accept new members

On Friday, January 21, the Association Council was held by electronic voting. The Council discussed the issue of admission of new members to the Association

ACI Russia, the regional public organization of financial market professionals, took stock of the year and announced the winners of the contest of achievements and innovations in the Russian foreign exchange and money markets at the festive New Year's party on Monday, December 27, in the Mandarin Combustible bar.

The competition was open to all financial institutions that did something new in 2021 or achieved significant success, marked by prestigious market awards. Applications are submitted to the Council of ACI Russia, which decides, choosing the most significant ones.

Alfa-Bank was awarded for the world's only algorithmic emulation of the work of a person at the Refinitiv FX Trading Dealing terminal in the maker, taker and netting confirmation mode.

VTB - for the expansion of the electronic product line by adding forwards and swaps.

Moscow Exchange - for new solutions for clearing over-the-counter currency transactions through a central counterparty and for contributing to the development of financial literacy in the field of interest rate risk management.

Raiffeisenbank - for the development of a trading platform for FX, hedging transactions and structural deposits directly in the client-bank application and for entering the exchange market and leadership in the over-the-counter market of the Kazakh tenge (according to surveys of international brokers and banks).

Sberbank - for the first place in the nominations "Best FX Trading Solution" and "Best FX Solution for SME" according to Global Finance magazine.

Also awarded were Nikolay Panyukov (Centrocredit Bank), the leader of the regular ACI Russia forecast contest on the decision on the key rate of the Bank of Russia; Egor Susin (Gazprombank), the most active participant in the weekly PRO MARKETS – ACI RUSSIA calls and Vadim Meshcheryakov (VTB), who passed the ACI Online FX Global Code Exam with the highest score.

ACI Russia was founded in 2004, is affiliated with the international ACI-FMA and currently unites about 400 people who are professional participants in the financial market, acts as an independent expert platform of the FX and money market and organizer of events. The news feed, survey results and information about past and future events can be found on the our website.

The final Council of ACI Russia was held in 2021

The number of ACI Russia members now stands at 400 participants

About the Council December 22, 2021

The ACI Russia Council met via ZOOM to accept new members of the Association

The Board of Directors of the Bank of Russia decided to raise the key rate by 100 bps, to 8.50% per annum

Inflation is higher than the October forecast of the Bank of Russia. The contribution to inflation from stable factors remains significant due to the faster expansion of demand compared to the possibilities of increasing output. In these conditions and taking into account the growing inflation expectations, the balance of risks for inflation is significantly shifted towards pro-inflationary ones. This may lead to a more significant and prolonged upward deviation of inflation from the target. The monetary policy pursued by the Bank of Russia is aimed at limiting this risk and returning inflation to 4%.

ACI Russia conducted a regular survey about key rate decision

A rare unanimity: the polls in the ACI Russia and Bloomberg group are distributed almost equally, but the participants themselves are slightly milder than the forecast regarding the actions of the Central Bank.

Hereby we confirm that according to agreements with main market players, exchanges and vendors we strongly recommend using following market conventions for USDRUB standard spot value date (which is T+1 in usual time) during the coming holidays in Russia:

ACI Russia New Year 2022 & Xmas Party

ACI Russia invites guests to a New Year's party on December 27, 2021, which will be held at the Mandarin Combustible bar (Moscow, Maly Cherkassky Lane, 2).
This is a traditional festive event of the Association for summing up the results of the year, where guests will receive awards, contests, congratulations from colleagues and friends, gifts from Santa Claus, as well as a great New Year mood!
Participate in contests, get prizes!

The sponsor of the New Year's party ACI Russia is the Moscow Exchange.

Participation in the party is only possible for ACI Russia members and those wishing to join the Association. Pre-registration is required

About the Council December 10, 2021

The Council of ACI Russia was held via Zoom. It discussed issues on the admission of new members to the Association, the amount of the ruble equivalent of the ACI FMA membership fee for 2022, the action plan for next year, including the holding of the ACI WORLD CONGRESS in autumn 2022 in Moscow. Following the results of the Council, it was also decided to hold a New Year's party and summarize the results of the year on December 27.

60th ACI WORLD CONGRESS GOES TO MOSCOW!

Next year, Russia will host the ACI FMA International Congress for the first time. The decision matured for many years, but it was made almost instantly - during meetings in Dubai. The members of the ACI Russia Council and the Bank of Russia promptly supported the idea, so that the flag of the association was transferred to Russia for storage for one year.
The idea of organizing the congress is to use the successful experience of organizing the ACI Russia eFX Summit in Moscow and combine efforts to make a larger event based on it and attract a large number of guests from all over the world.
The history of ACI Congresses dates back to 1957, and we hope that we will be able to successfully continue this wonderful tradition.

ACI FMA Insights Nº 6

We are delighted to inform that the 6th edition of ACI FMA Insights Newsletter has been launched and it's now available!
This issue is dedicated to the 59th ACI World Congress and 45th ICA Conference that are taking place in Dubai from 17th to 20th November 2021. In addition, in this new edition, you can also find a testimony from John Estrada, the new Chair of the ACI FMA FX Committee (FXC) and the detailed view of this global event through the eyes of the UAE Financial Markets Association and its Chairman, Mohammed Al Hashemi.

Congratulations to ACI Russia Board member Konstantin Zyryanov on his new appointment!

The Chairman of the Management Board has been replaced in Tolyattikhimbank. This post was taken by Konstantin Zyryanov, according to the website of the credit institution.
As specified, on October 19, the extraordinary general meeting of shareholders of Tolyattikhimbank decided to terminate the powers of Andrei Drobotov as a chairman. Zyryanov, whose candidacy was approved by the Department of admission and termination of the activities of financial organizations of the Central Bank, took office on October 20

On October 25, 2021, the fourth annual summit on electronic trading in the FX market - ACI Russia eFX Summit 2021 - was held in Moscow at the Lotte Hotel

The fourth international conference on electronic foreign exchange trading was held on October 25, 2021 at the Lotte Hotel in Moscow. For epidemiological safety reasons, the number of guests at the hotel was limited, and the event took place in a "hybrid" format: the hall and exhibition were visited by around 250 people, while 238 unique users were connected to the web video broadcasts. Some of the conference speakers connected to the audience online via video link.

The Bank of Russia has decided to raise the key rate by 75 bps, to 7.50% per annum

The Board of Directors of the Bank of Russia decided to raise the key rate by 75 bps, to 7.50% per annum. Inflation is significantly higher than the forecast of the Bank of Russia and by the end of 2021 is expected in the range of 7.4-7.9%.

ACI Russia conducted a regular survey about key rate decision

Questions on ACI Russia and Bloomberg give approximately the same probability of the Bank of Russia raising the key rate by 0.25% and 0.5%. There are no particular discrepancies in the estimates, but there is polarization in the recommendations for the Central Bank: a larger number of ACI Russia participants are in favor of a more decisive step, while a noticeable number consider it necessary to leave the rate unchanged.

New ACI FMA FX Committee Chair and Vice-Chair

We are pleased to announce that John Estrada, member of the ACI FX Committee, has been appointed ACI FX Committee Chair and will be working alongside Jonathan Healey, member of the ACI FXC, appointed ACI FX Committee Vice-Chair.

The Council of the Association was held by absentee voting. The issue of accepting new members to ACI Russia was on the agenda. All the details are recorded in the minutes of the Council

About the Council October 1, 2021

The Council of the Association was held by absentee voting. The issue of accepting new members to ACI Russia was on the agenda. All the details are recorded in the minutes of the Council

The annual ACI eFX Summit brings together all participants of the financial industry to discuss current factors and trends affecting the foreign exchange market, such as: algorithmic trading, market liquidity, code of conduct, innovations of trading platforms, macroeconomics, development of research and analytical technologies.
At the summit representatives of electronic trading platforms, data centers, equipment suppliers, professionals from sell side and buy side in the FX market, heads of central banks of different countries share their views and perspectives.
To maximize the benefits for Summit participants and not to put you in danger, the Summit will be held in a hybrid format: online and offline

The event will be held at the Lotte Hotel (Moscow, Novinsky blvd., 8, p. 2) from 8.30 to 21.00 and will gather no more than 300 participants. The participants who registered offline first will have priority.

ACI Russia conducted a regular survey about key rate decision

This time, a survey in the ACI Russia group showed clustering around two fundamentally different approaches: raise the rate (and then immediately by 0.5%) or keep it. At the same time, the voting participants did not make any special differences between the prediction and the wish. However, an increase in the rate to 7.00%, one way or another, looks inevitable

The Bank of Russia has decided to raise the key rate by 100 bps, to 6.50% per annum

The Board of Directors of the Bank of Russia decided to raise the key rate by 100 bps, to 6.50% per annum. According to the estimates of the Bank of Russia, in the second quarter of 2021, the Russian economy reached a pandemic level. The contribution to inflation from stable factors increased due to the faster expansion of demand compared to the possibilities of increasing output. Taking into account high inflation expectations, this has significantly shifted the balance of risks for inflation towards pro-inflationary ones and may lead to a longer deviation of inflation upward from the target. The decision on the key rate is aimed at limiting this risk and returning inflation to 4%.

The Updated Version of the FX Global Code Has Been Published Text

The Global FX Committee has updated the FX Global Code today.
After months of intense work by the Global Foreign Exchange Committee (GFXC), ACI FMA is pleased to inform you that the updated version of the FX Global Code has been published today on the GFXC's website.
The original version of this Code was published in May 2017 and was, subsequently, updated in August 2018. The updated version, which is now released, has been long-awaited, as its publication was originally estimated for 2020 but was delayed due to the impact of the COVID-19 pandemic.

The Council of ACI Russia – The Financial Markets Association has decided to cancel the Dealer's Day party on August 17, 2021

Due to the measures taken by the Government of the Russian Federation, the Ministry of Health of the Russian Federation, Rospotrebnadzor of the Russian Federation and the Government of Moscow to counter the spread of the COVID-19 coronavirus infection, the Council of ACI Russia – The Financial Markets Association is also aware of its social responsibility and in order to ensure the sanitary safety of our members, event participants, speakers, guests, has decided to cancel the Dealer's Day party on August 17, 2021.
We also urge all ACI Russia members who do not have medical contraindications to get vaccinated against COVID-19, observe safety measures and protect their health and the lives of people around you. At the moment,
At the moment, ACI Russia is actively preparing for the international eFX Summit 2021, which is scheduled for October 21, 2021 at the Lotte Hotel in a hybrid format. We sincerely hope that the epidemiological situation in the world will significantly improve by this date and we will be able to hold a full-fledged offline event and a large-scale party at the end.

The Bank of Russia has decided to raise the key rate by 50 bps, to 5.50% per annum

The Russian and global economies are recovering faster than previously expected. Inflation is higher than the forecast of the Bank of Russia. The contribution to inflation from sustainable factors increases due to the faster expansion of demand compared to the opportunities for increasing output. On the short-term horizon, this impact is amplified by rising prices on global commodity markets. Taking into account high inflation expectations, the balance of risks has significantly shifted towards pro-inflationary ones.

ACI Russia conducted a regular survey before the Central Bank of Russia key rate decision

Rate survey results: ACI Russia participants are much more strongly in the upward direction than economists surveyed by Bloomberg

The ACI FMA is pleased to announce the appointment of Jørn Luffe Sodborg as the new ACI FMA Europe co-President.
In a process led by ACI FMA President, Kim Winding Larsen, the candidates Marc De Bosscher and Jørn Luffe Sodborg applied for the position that had become open since Marc De Bosscher's initial term as ACI FMA Europe co-President finished in May 2021.

About the Council May 13, 2021

The Council of the Association was held by absentee voting. The issue of accepting new members to ACI Russia was on the agenda. All the details are recorded in the minutes of the Council

At the Council meeting the amount of the membership fee for 2021 year was approved

On Wednesday, April 21, 2021, Zoom hosted a regular meeting of the ACI Russia Council, which approved the amount of the membership fee for 2021 of 3500 rubles, as well as agreed on the program and approved the registration rules for the 17th Congress of ACI Russia on May 19, 2021

ACI FMA's response to ESMA's Consultation Paper on the Algorithm Trading

Please access the complete ACI FMA response to ESMA's Consultation Paper on the Algorithm Trading.
As in previous occasions, with the objective of representing our ACI members globally in matters of interest to the financial industry, the ACI FMA's Committees and Working Groups, namely the Regulatory Working Group, the Foreign Exchange Committee, and the Crypto Working Group, have intensively analysed and discussed the ESMA's consultation paper on the "MiFID II/MiFIR review report on Algorithmic Trading". As a result of that analysis, ACI FMA has submitted a response to ESMA on the 12th March 2021.

The tenth meeting of the Moscow FXJSC

The regular meeting of the FX Joint Standing Committee of the SRO NFA and ACI Russia was held in the format of a conference call. The meeting was attended by representatives of the Bank of Russia and ACI FMA.

The meeting of the Expert Council on Indicators and Rates of the SRO NFA was held

NFA held a regular meeting of the Expert Council on Indicators and Rates, which was held in person in a conference call format. The meeting participants discussed and approved the work plan for 2021.
The work plan includes a number of areas for the development of the Russian indicators system, the development of instruments linked to indicators, including the use of RUONIA in debt and credit instruments. The plan also includes a number of areas for adapting the reform of foreign indicators (LIBOR reform) for the Russian market and information work with participants.

XVI International Financial Forum NFA, Financial 2021

We are pleased to inform you that the XVI International Financial Forum of the NFA, Financial 2021 (REPO Forum) will be held on March 23, 2021. The preliminary program is available on the website of Financial 2021.

ACI FMA Europe meeting held on the 21st January 2021

TACI FMA Europe meeting held on the 21st January 2021 that had for purpose discussing on the future organisation of the region.
As announced during the meeting, in the coming weeks, Marc De Bosscher and Branko Petrovic, ACI FMA Europe Presidents, will discuss on the action points that should be put in place.
A new meeting will be organized to propose a work plan to the ACI FMA Europe National Associations.

ACI Russia wishes you a Happy New Year!

Dear colleagues and friends!
Please accept our sincere congratulations! Health, kindness, prosperity to you and your family and loved ones! We hope that in the New Year there will be even more members of the association and we will be able to implement many, many interesting and useful projects with your support! And, of course, we are looking forward to the lifting of all restrictions and the end of the pandemic, so that we can see all of you personally at ACI Russia events!
Take care of yourself and be healthy! Happy New Year!

On 25 September 2020, the European Securities and Markets Authority (“ESMA") launched a public consultation from the MiFID II / MiFIR review series, the regulatory package introduced in the European Union (“EU") on 3 January 2018. The consultation paper sets out proposals to clarify the MiFID II provisions relating to Organised Trading Facilities (“OTF") and to multilateral systems more broadly, in order to “ensure efficient EU market structures and a more level playing field between all firms operating in the EU while reducing the level of complexity for market participants."
Based on the feedback received, ESMA will now develop reports for the EU Commission, which it intends to submit in Q1 2021.

Hereby we confirm that according to agreements with main market players, exchanges and vendors we strongly recommend using following market conventions for USDRUB standard spot value date (which is T+1 in usual time) during the coming holidays in Russia:

At a remote Zoom meeting of the ACI Russia Council, the members approved the results of voting on the choice of the Association's President, Council members, and the organization's Statutes.
With the result of 195 votes "FOR" and 5 votes "AGAINST ALL" Sergey Romanchuk (Head of the Dealing center, Metallinvestbank) was re-elected President of the Association until 2022, and Dmitry Piskulov (Head of Department of development of products and services Department of the currency market, Moscow Exchange) was re-elected Vice–President until 2022.
The Council of the Association for the term up to 2022, based on the results of voting of 197 members, includes:
Evgeny Alparov, Head of Deposit operations, Metallinvestbank
Vladimir Borisov, Head of sales, Russian Agricultural Bank
Kirill Vichuzhanin, Director, Chief of Department of operations in the interbank and commodity markets, Alfa-Bank
Evgeny Glushan, Investment Director, InfraONE
Evgeny Egorov, Head of algotrading, Alfa-Bank
Viktor Zhidkov, Chairman of The Management Board, Vesta bank
Aliya Zubkova, Deputy head of Department on work on financial markets, Chief of Department of conversion operations, Otkritie
Konstantin Zyryanov, Director of business development, Diasoft
Veronika Kapranova, Head of the internal currency market Department of the financial markets operations, Central Bank of the Russian Federation
Alexander Kiryanov, CEO, DELTA
Vladimir Kozinets, President, Association of Corporate Treasurers
Alexander Markin, Asset Manager, DellaCopa
Dmitriy Piskunov, Head of Department of development of products and services Department of the currency market, Moscow Exchange
Sergey Romanchuk, Head of the Dealing center, Metallinvestbank
Anna Senina, Business development Manager, Refinitiv
Andrey Skabelin, Director of FX Department, Moscow Exchange
Andrey Sumin, Sales Director for commodity markets, Sberbank
Vladimir Yarovoy, Managing Director electronic markets, Sberbank CIB

199 participants voted for the adoption of changes in the Statutes of the organization, 6 participants voted against. The Statutes excludes the division of Association members into active and associate members, as well as the provision on the need for a quorum of 50% for the competence of the Congress of Association members.
Taking into account the epidemiological situation, as well as official restrictions on holding mass events in order to prevent the spread of the covid-19 infection, the Council decided not to hold a new year's party. And send congratulations and gifts to the Association members at the end of the year.
The Council members reviewed the applications and accepted 25 new members to the Association. The decision to exclude 130 participants from the Association was made.
The Council also considered a number of organizational and financial issues.
The Council was attended by 13 people out of 18 possible.

On October 20, 2020 the Lotte Hotel in Moscow hosted the third international conference on electronic trading on the FX market. Due to epidemiological security reasons, the number of guests in the hotel was limited and the event was held in a "hybrid" format: the hall and the exhibition were visited by 120 people, 206 unique users were connected to the video broadcast on the Internet. Some of the speakers of the conference were connected to the audience online through video communications.

The conference program included interviews with Igor Marich, Member of the Management Board, Managing Director of Sales and Business Development of the Moscow Exchange, and David Mercer, CEO of LMAX Group, as well as with Jeremy Smart, head of distribution of XTX Markets, the largest liquidity provider on the international FX market according to Euromoney's survey. The summit was attended by Guy Debelle, Deputy Governor of the Reserve Bank of Australia, Chairman of the Global FX Committee and Valery Lyakh, Head of the Department for Countering Misconduct of the Central Bank of Russia.

There were 10 panel discussions on the ongoing changes in the market, the role of central banks in market functioning, the construction of trading platforms, post-trade, algorithmic trading, integration of trading platforms into the treasury systems of corporations, derivative financial instruments, the use of modern methods of data science, models for determining the "fair" rate of the ruble and the prospects for the market of crypto assets and digital ruble.

The year 2020 was an unusually dramatic one that mixed many plans. It brought losses - not only financial, but also health and lives. ACI takes the danger of coronavirus proliferation seriously. Based on the results of its own survey and taking into account the current epidemiological situation in Moscow, the ACI Russia Council decided to hold the Congress as combined online-offline event to minimize the risks. The offline event was held at the Ararat Hyatt Hotel, where about 50 people gathered - in compliance with distance standards. 110 people joined the broadcast of the event through the Zoom platform. The platinum sponsor of the Congress was the Moscow Exchange, while the silver sponsors were Metallinvestbank and international technology company WEYTEC.

ACI Russia President and Head of Metallinvestbank's Dealing Center Sergei Romanchuk, Director of the Bank of Russia's Department for Countering Misconduct Valery Lyakh, Deputy Chairman of the Bank of Russia Alexey Zabotkin, Chief Economists for Russia Alexander Isakov form VTB Capital and Anatoly Shal from JP Morgan , as well as a member of the Management Board and Managing Director for Sales and Business Development of the Moscow Exchange Igor Marich, spoke at the Congress.
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The ACI Rusia Congress, which we are holding on Monday, August 17, will be held simultaneously in two formats: offline and online.
We are waiting for an exciting program of the Congress - with a speech by Valery Lyakh, Director of the Bank of Russia's Department for Countering Misconduct, with the monetary policy panel by Alexey Zabotkin, Deputy Chairman of the Bank of Russia and Aleх Isakov from VTB Capital and Anatoliy Shal from JP Morgan, with a story about the latest innovations and plans from the management of the Moscow Exchange represented by Igor Marich, with a general assembly meeting with the approval of amendments to the Statues and competitive elections, as well as awarding the winners of competitions!

Platinum Sponsor: Moscow Exchange
Silver Sponsors: Metallinvestbank, WEYTEC

A majority of traders and economists agree with their speculation of a 0.5% rate loss on today's vote, even though other opinions aren't directly outruled.

At the meeting of the ACI Russia Council held in a remote format via video conference, Council members decided to hold an annual reporting and election congress, celebrate Dealer's Day, organize ACI Russia eFX Summit and New Year's party.
The annual reporting and election Congress will be held on August 17, 2020, on the traditional Dealer's Day, for the first time in online format. Dealer's Day will be celebrated in the format that will be acceptable given the epidemiological situation and the presence of official restrictions on the behavior of mass events (online or offline if possible). ACI Russia eFX Summit 2020 will be held according to the original plans on October 20, 2020 in the usual offline format at the Lotto Hotel, or will be postponed to another date if the restrictions are not yet removed. The New Year's summary party will be held according to the original plans on December 17, 2020.
Also ACI Russia is ready to hold special online events under the agreement with sponsors in 2020 in accordance with incoming requests.
The annual membership fee, which ensures participation in all events until June 30, 2021, it was decided to keep the same level of 3000 rubles, which guarantees the transfer of 35 euros per person necessary to confirm membership in ACI-FMA.
Council members reviewed applications and admitted 5 new members to the association, as well as considered a number of organizational and financial issues. In particular, changes to the Charter of the global ACI-FMA were approved and a decision was made to prepare changes to the Charter of ACI-FMA Russia.

Program

11:00 - 12:00. Session 1. Macroeconomics of the Pandemic: What will happen to oil prices and the ruble exchange rate? Shares and bonds? What investment ideas can work?

• How quickly will the economy recover from the shock?
  
• What will happen to oil prices?
  
• The ruble: a new reality or a pause before devaluation?
  
• Equities: Is it time to buy?
  
• Bonds: free lunch or credit risk inflation?

Moderator:
Sergey Romanchuk, President of ACI Russia, Head of Metallinvestbank Dealing Center

Participants in the discussion:
Alexander Kudrin, HSE Professor, Chief Strategist of Aton IC
Grigory Isayev, Director, Renaissance Capital Investment Company,
Victor Tunev, managing director of MC "Aguidel", author of Truevaue TV channel

12:00 - 12:45 Session 2. The organisation of work with clients in a new reality: how to reorganise business? E-commerce, process automation and risk.

• Banking technologies
  
• Remote work with clients
  
• Automation and efficiency
  
• Electronic commerce
  
• Risks and role of credit intermediaries

Moderator:
Sergey Romanchuk, President of ACI Russia, Head of the Dealing Center at JSCB Metallinvestbank.

Participants in the discussion:
Viktor Zhidkov, Chairman of the Management Board, Bank West
Oleg Logostev, Liquidity Manager, Refinitiv.

Market participants from ACI Russia are more conservative about how much the Bank of Russia will reduce its rate tomorrow, unlike economists who are polled by Bloomberg.

In connection with the presidential decree on the extension of non-working days in the Russian Federation until April 30, 2020, the association, in accordance with agreements with the main market participants, exchanges and trading floors, strongly recommends to adhere to standard market conventions for settlements on the OTC spot FX market, as if this period was a working one.

Hereby we confirm that according to agreements with main market players, exchanges and vendors we strongly recommend using following market conventions for USDRUB standard spot value date (which is T+1 in usual time) during the coming "non-working days" in March/April 2020 in Russia.

In anticipation of tomorrow's vote of the Bank of Russia's Board of Directors on the level of the key rate, opinions are very much divided: "economists" on the Bloomberg survey are much more determined than "traders": the survey in the ACI Russia group gives a somewhat higher probability that the rate will be changed form the current level of 6.00%, while the Bloomberg survey is strongly indicating keeping the key rate at 6.00%.

In anticipation of tomorrow's vote of the Bank of Russia's Board of Directors on the level of the key rate, opinions are very much divided: "economists" on the Bloomberg survey are much more determined than "traders": the survey in the ACI Russia group gives a somewhat higher probability that the rate will be kept at the current level of 6.25%, while the Bloomberg survey is strongly shifted towards lowering the key rate to 6.00%.

The Bank of Russia's response to the proposals of the The Moscow FXJSC to improve the Bank of Russia's methodology for setting official foreign currency exchange rates against the ruble, contained in the Bank of Russia's Order No. 5094-U dated March 14, 2019 "On the procedure for setting and publishing official foreign currency exchange rates against the ruble by the Central Bank of the Russian Federation".

At the festive New Year's party on Thursday, December 13, 2018 at the Mandarin Combustible bar, the regional public organization of financial market professionals, ACI Russia, announced the results of the year and announced the winners of the contest of achievements and innovations in the Russian foreign exchange and money markets.

The competition was open to all financial institutions that did something new in 2018 or achieved significant success, marked by prestigious market awards. Applications are submitted to the Council of ACI Russia, which makes a decision, choosing the most significant ones.

The winners of the competition for 2019 were recognized by three companies. The Moscow Exchange - for the development of interest rate risk hedging culture and significant (2.5-fold) growth in the volume of concluded transactions in the SPFI sector (standardized derivatives). Sberbank was named the winner for the best investment management services and the best online treasury services by Global Finance magazine, and Alfa-Bank was awarded for the most complete set of solutions for electronic trading on the Russian currency market.

Also, leaders of the ACI Russia regular forecasts competition were announced in a decision on the Bank of Russia key rate. They were two people who guessed all the decisions of the Central Bank during 2019: Nikolay Panyukov and Deputy Head of the Treasury of MP Bank Azat Amirov, who also guessed all the Central Bank decisions in 2019!

ACI Russia currently has about 500 members, who are professional participants in the financial market, acting as an independent expert platform for the foreign exchange and money market and organizing events that in 2018 more than a thousand people visited. News feed, survey results and information about past and future events can be found at www.acirussia.org

The market is waiting for the Central Bank to lower the rate at tomorrow's meeting. Thus "analysts" are even more resolute in the forecasts, than "traders".

You can find the text of the letter and the proposed changes on the NFA website.

A meeting of the ACI Russia Council has held in the form of absentee voting by e-mail. Membership was increased by 8 people.

ACI Russia, a public organization of financial market professionals, announces a contest of achievements and innovations in the Russian currency and money market, timed to coincide with the end of the year. The results of the contest will be presented at a festive party on Thursday, December 12, 2019 in the Mandarin Combustible bar.
The competition is open to all financial institutions and infrastructure providers that did something new in 2019 or achieved significant success with prestigious market awards.
Everyone evaluates what he or she can be proud of and brings this achievement to the ACI Russia Council, which makes a decision on the most important ones.
The first deal in a new instrument, a high place in the international competition, and the launch of a new platform are just a few examples of what can be noted.
Winners of the 2018 Competition:
- Moscow Exchange for the first time on the Russian market to sign a commitment to the FX Gobal Code and to increase the volume of transactions in the SPFI sector by 8 times.
- Sberbank for its recognition of the best technological platform for foreign exchange transactions for corporate clients according to the Global Finance Magazine review.
- Alfa-Bank for the first place in terms of currency transactions in CEEMEA (Central and Eastern Europe, Middle East and Africa) according to the Euromoney survey.
Participate more actively to make your achievements known to your colleagues!

Hereby we confirm that according to agreements with main market players, exchanges and vendors we strongly recommend using following market conventions for USDRUB standard spot value date (which is T+1 in usual time) during the coming holidays in Russia.

ACI Russia members are more determined than analysts in the Bloomberg survey about the possibility that the Bank of Russia will cut the rate by 0.5% at its meeting this coming Friday. known to your colleagues!

The forum included a technology exhibition, during which products were presented by Bloomberg,
CME/EBS, FX Aggregator, IPC, LMAX Exchange, Trading View, Alfa-Bank, Metallinvestbank,
Moscow Exchange, PRIME, Raiffeisenbank, Sberbank, as well as 14 panel discussions on market
changes, regulation, technologies, trading rules and professional ethics. The participants were
particularly interested in the detailed discussion of algorithmic trading, optimal ways of executing
transactions and the most efficient arrangement of trading floors, which would enable them to
balance the interests of various market participants to the maximum extent possible. For the first
time, a session on cryptocurrencies was held, where participants discussed the prospects of
development and regulation in this area.

The mission of the Summit is to become a platform for bringing together sellers and consumers of
services in the foreign exchange market, a platform for discussing challenges facing the industry.

The Summit was attended by employees of banks and brokerage firms, investment funds and
major corporations representing the oil and gas industry, metallurgy, retail trade networks,
telecommunications and other segments of the economy, as well as representatives of the
professional press and the Bank of Russia.

The event was an important step in the development of international relations and Russia's
integration into the global financial market: the Summit was attended by several dozens of foreign
guests.

The platinum sponsor of the Summit was LMAX Exchange.
Gold sponsors: Sberbank, CME/EBS, Bloomberg, INTL FCStone, Alfa-Bank,
Metallinvestbank, Moscow Exchange, PRIME, Raiffeisenbank.
Silver sponsors: FX aggregator, IPC, MetaQuotes, Trading View.
«ronze sponsors: BGC Partners, Integral, Market Factory, NT Pro, UBS Investment Bank

A meeting of the ACI Russia Council has held in the form of absentee voting by e-mail. Membership was increased by 10 people.

A meeting of the ACI Russia Council has held in the form of absentee voting by e-mail. Membership was increased by 7 people. All the members of the Board voted unanimously for the Admission of Perry Savundranayagam as ACI Asia President.

The Council made the deceisions on 5 agenda topics: admission and exclusion from ACI Russia, on the proposals of ACI Russia within the framework of the "regulatory guillotine" of the Government and the Central Bank, organization ACI Council Moscow 2020, event preparation: eFX Summit 2019 and others.

The traditional poll in anticipation of the decision of the Central Bank about the key rate on September 6 in the ACI Russia group shows the significantly more conservative view from the analysts and economists group polled by Bloomberg but also expecting the rate cut to 7.00% mark with some chance to keep it at 7,25%. The question "what would you do?" demonstrates exactly the same results!