"In recent months, our customers have expressed renewed interest in the Russian ruble contract, and we are very pleased that, for the first time, a market maker will be offering ruble prices on our GLOBEX system," said Rick Sears, Managing Director of CME's currency products. "Deutsche Bank's commitment will be welcomed by our customers, who also appreciate the transparency of our regulated futures market and the financial safeguards that our Clearing House guarantee provides."
"Improving fundamentals in Russia and the relative value of the Russian assets are the major driving forces behind investors' interest towards the Russian local markets", said Kay Haigh, Head of the European Emerging Markets at Deutsche Bank. "Russia is in our strategic focus and we emphasize the importance of developing new market instruments. We believe that CME Rub futures trading will play an important role with this regard."
Each CME Russian ruble contract has an underlying value of Rub 2.5 million and is cash settled at expiration to the EMTA/CME USDRUB reference rate. Four contract expirations in the March quarterly cycle (March, June, September and December) are listed for trading at any given time. CME launched trading in the Russian ruble in 1998. Ruble futures are available for trading on GLOBEX virtually 24 hours per day, from 4:30 p.m.Central time (Monday-Thursday and 5:30 p.m. on Sunday) until 4:00 p.m. the following business day; the ruble also trades on CME's trading floor from 7:20 a.m.-2:00 p.m. Monday-Friday.
