December 21, 2017 / 1:00 PM / 3 months ago

Moscow Exchange to launch deliverable gold futures in 2018

MOSCOW, Dec 21 (Reuters) - The Moscow Exchange will launch deliverable futures for gold in 2018 in a move to further prop up bullion market liquidity, bourse chief executive Alexander Afanasiev said on Thursday.

These deliverable futures will be denominated in roubles and the weight will be measured in grams, said Igor Marich, who oversees the bourse’s money and derivatives market.

The Moscow Exchange, previously known as Micex-RTS, is developing its infrastructure amid a Kremlin-backed bid to make Moscow one of the world’s leading financial hubs.

Earlier this year the Moscow Exchange let the central bank buy gold for its reserves on its spot market.

Marich said liquidity on the bourse’s gold market has increased this year with the help of the central bank and is seen rising further as it expects more gold producers to trade on the Moscow Exchange. (Reporting by Andrey Ostroukh; editing by Jason Neely)

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