CME & EMTA Launch Consensus Rouble Rate To Replace Micex Fixing

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MOSCOW--The Chicago Mercantile Exchange (CME) and the New York and London-based Emerging Markets Traders Association (EMTA) have begun a collaborative effort to issue a daily Russian rouble/US dollar reference rate, to replace the fixing previously provided by the Moscow Interbank Currency Exchange (Micex). The rate took effect Friday, August 28.

In the midst of the devaluation of the rouble and the debt moratorium imposed by the Russian government about three weeks ago, Micex started opening

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