Moscow Exchange announced on 2 June 2026 that trading in mini dollar/rouble and euro/rouble futures would start on 9 June. The initial contracts would expire in September and December 2026: USDM-9.26, USDM-12.26, EURM-9.26 and EURM-12.26.
Contract identifiers and quotation
- Dollar contract: USDM, short code UM; euro contract: EURM, short code ER.
- Both mini contracts have a quotation increment of 0.01 rouble, worth one rouble per contract.
Comparison with standard contracts
The exchange's product comparison pairs USDM with the standard dollar contract Si and EURM with the standard euro contract Eu. Mini lots contain 100 currency units, against 1,000 for the standard contracts. Mini quotations are expressed in roubles per unit of foreign currency; standard quotations are expressed per lot.
Specification approved before launch
The specification approved on 1 June defines these instruments as cash-settled futures. It normally sets the last trading date on the third Thursday of the expiry month; if that is not a trading day, the preceding trading day applies. The exchange may agree a different date with the clearing centre.
The document provides for variation margin calculated after each trading day. Payment obligations run from the settlement day following conclusion of the contract through its execution day. The specification distinguishes the final trading day from the following settlement day when the settlement obligation is discharged, subject to its special provisions.
Derivatives-market context before introduction
The exchange's monthly report, published on 1 June, recorded 13.1 trillion roubles of derivatives trading during May 2026, with average daily turnover of 654.3 billion roubles. These are market-wide figures preceding the mini-contract launch, not results for the forthcoming instruments.
Company and media contact
Moscow Exchange. The monthly report lists PR@moex.com and +7 (495) 363-3232 for media enquiries, separately from customer-service contacts. Website: https://www.moex.com/.