Moscow Exchange: Initial Margin Update For Certain FX Futures - UK Referendum

Due to the UK referendum on membership of the European Union on 23 June 2016, volatility in some instruments traded on Moscow Exchange may potentially increase. To mitigate risks to member firms and NCC Clearing Bank (the central counterparty), the Exchange will increase initial margin requirements as follows for EUR/USD and GBP/USD FX futures contracts that are most exposed to price fluctuations:

• From 4.0% to 5.5% as of 1900 MSK on 20 June; and
• From 5.5% to 7.0% as of 1900 MSK on 21 June.

After the referendum results are announced, the Exchange will review the margin requirements again.