The implementation of the projects INTERBANK and DIPLOMACY has begun

In the context of the termination of correspondent and counterparty relations of Russian commercial banks, including those that have not been sanctioned, with banks of unfriendly countries, the implementation of the projects "Interbank" and "Diplomacy" has begun to facilitate the establishment of new correspondent, counterparty, social and cultural relations of the community of specialists of the Russian financial market with the relevant communities of neutral countries.

The main objectives of the projects are to develop contacts with national organizations of the International Association of Financial Market Specialists ACI Financial Markets Association (ACI FMA) and the diplomatic services of the respective countries, the organization of negotiations on the establishment of direct interbank correspondent relations in national currencies, primarily with banks in China and the UAE.

According to the procedure published by the Ministry of Finance of the Russian Federation, on 13 January 2023, the Bank of Russia will resume FX buy (sell) operations in the domestic FX market as part of the Ministry's fiscal rule mechanism.

These operations will be performed in the Moscow Exchange FX Market for CNYRUB_TOM instrument.

In order to minimise the impact of the above operations on the exchange rate dynamics, the Bank of Russia will buy (sell) foreign currency in the market evenly throughout every trading day of the month.

The Bank of Russia's approaches to its monetary policy will remain unchanged under the fiscal rule mechanism. The Bank of Russia retains the option to conduct operations in the FX market to maintain financial stability.

Happy New Year from ACI Russia

Dear friends!

We wish you a happy New Year and hope that we will all be able to realize our own plans, hopes and dreams!

In the outgoing year, we were able to continue working on important projects of ACI Russia: education, weekly analytical broadcasts "Pro Markets", clarification of the methodology for calculating official rates for the Bank of Russia, additional translation of the FX Global Code, to preserve and strengthen the efficient team of the management and members of the Association.

We will dream of prosperity, hope for peace and plan to hold a Congress, a Dealer's Festival and the eFX Summit in 2023! And make every effort to increase the value of our community of professionals for each of you!

May the upcoming holidays be a time of peace and personal happiness. See you again in 2023!


Vice President of ACI Russia Dmitry Piskulov
President of ACI Russia Evgeny Egorov

The final Council of ACI Russia was held this year. It approved the schedule of the Association's traditional events for 2023. Add dates to your calendar so you don't miss it!

We had ACI Russia & Friends New Year party 2023

At a festive New Year's party on Monday, December 19, 2022 at the Mandarin Combustible bar, the regional public organization of financial market professionals ACI Russia summed up the results of the year and announced the winner of the Bank of Russia's key rate forecast contest for 2022.

More than 130 guests – members and friends of ACI Russia were gathered by the Mandarin Bar. The traditional greeting of Father Frost, the string quartet of classical music "Gloria", the performance of the soloist of the group "Flight School" with original songs with guitar, professional company and pleasant communication – ACI Russia thanks everyone for their support in 2022!

The President of the Association Evgeny Egorov personally noted one of the leaders of the regular ACI Russia forecast contest on the decision on the key rate of the Bank of Russia – Nikolay Panyukov (Centrocredit Bank), as well as the most active participants in the weekly PRO MARKETS – ACI RUSSIA calls - Egor Susin (Gazprombank) and Viktor Tunev (Ingosstrakh Investments).

ACI Russia was founded in 2004, is affiliated with the international ACI FMA and currently unites more than 400 people who are professional participants in the financial market, acts as an independent expert platform of the currency and money market and organizer of events. The news feed, survey results and information about past and future events can be found on the website www.acirussia.org or in the social networks of the Association.

The Bank of Russia keeps the key rate at 7.50% p.a.

On 16 December 2022, the Bank of Russia Board of Directors decided to keep the key rate at 7.50% per annum. Current consumer prices are growing at a moderate rate, and consumer demand is subdued. Inflation expectations of households and businesses, essentially unchanged, remain elevated. At the same time, pro-inflation risks are up and prevail over disinflationary risks. This comes as a result of rising inflation pressures from the labour market, worsening foreign trade conditions and a softer fiscal stance.

ACI Russia Council was held online

On Thursday, December 8, the next ACI Russia Council was held. You can find the minutes at the link below

The final survey on the Central Bank rate this year

Market participants are absolutely unanimous that the Bank of Russia will leave the rate unchanged. If they made the decision themselves, it would, on average, be slightly lowered

The New Version of the Global Precious Metals Code has been Launched

Important news for all Market Participants in the Precious Metals Market

As previously announced, the London Bullion Market Association (LBMA) has been working with industry stakeholders, such as ACI FMA, in the revision of the Global Precious Metals Code that was initially launched in May 2017 (for that purpose, two Public Consultations were launched in Q3 and Q4 2022).

Today, the LBMA publicly announced the launch of the updated version of this Code, and there is no doubt that such a document continues to reflect important guidelines that set out the minimum standards and best practices expected from Market Participants in the Precious Metals Market.

ACI FMA FX Options Course Available in ELAC

Important addition to our suite of educational products. ACI FMA would like to let you know that our new FX Options Course is now available in our E-Learning, Attestation and Certification Portal (ELAC).

We believe that this is an appropriate complement to the current educational offering from ACI FMA, so all ELAC users will now be able to benefit from the ACI FMA FX Options Course for free, as part of their current ELAC subscription and until further notice, with ACI FMA reserving the right to potentially change these conditions in the future.

This Course aims to enhance the knowledge and competence of all individual market participants to FX Options, a unique derivative product which is extremely relevant for the foreign exchange market and traded by a diversified number of market professionals working in the global financial markets.

ACI Russia & Friends New Year party 2023

ACI Russia thanks you for your support in 2022 and invites you to gather on the eve of the New Year 2023 in the bar "Mandarin Combustible"!

Registration for the event is open to ACI Russia members who have paid the membership fee for 2022, friends of ACI Russia by special invitations (we will send you a promo code).

The members of the ACI Russia Board will choose the most active participant in the regular ACI Russia voting on the rate of the Central Bank of the Russian Federation, who most accurately predicted its size in front of each Board of Directors of the Bank of Russia throughout the year. Participate and vote! You still have a chance to become a winner

Date of the event: December 19,18:30
Venue: Mandarin Combustible (Moscow, Maly Cherkassky lane 2)

ACI FMA has a new member since November 16th

Please welcome ACI FMA Palestine! It is with great satisfaction that ACI FMA would like to announce that on November 16th, at our ACI FMA Council meeting held in Paris, ACI FMA Palestine was unanimously voted and accepted as the newest member of ACI FMA.

Evolution of digital asset market in Russia: public consultation report

The Bank of Russia proposes to discuss the possibility of circulating digital assets at exchange trading, harmonising approaches to their taxation with traditional financial instruments, conditions for acquiring digital assets by individual institutional investors, establishing the accounting procedure for such investments, as well as opening the domestic market for foreign issuers from friendly countries. These and other initiatives are included in the regulator's report for public consultation.

Monetary Policy Guidelines for 2023–2025

The Bank of Russia has published the Main Directions of the unified state monetary policy for 2023 and the period 2024 and 2025.

In this strategic document, the Bank of Russia explains its approaches to monetary policy in the changed economic conditions, and also presents basic and alternative scenarios for the development of the economy for the next three years.

Global Diversity Awareness Month Series

As part of the Global Diversity Awareness Month Series, we invite you to click and access the third and last interview.

To conclude our celebration and support of Global Diversity Awareness Month, ACI UK and ACI FMA are delighted to share the third in its series of interviews, recorded with prominent female leaders in the financial markets, discussing diversity in our industry in 2022.

In this third conversation, ACI UK Executive Committee and ACI FMA FX Committee member Sam Horowitz sat down with Ozgun Unal, Executive Director and Head of eFX Distribution UK at UBS to talk about "Being a Supportive Partner for Diversity and Inclusion within the Markets Community".

Moscow Exchange launches trading in Kyrgyz som and Tajik somoni

MOEX continues to develop tools in national currencies and plans to start trading in the currency pairs "Kyrgyz som – Russian ruble" (KGS/RUB) and "Tajik somoni – Russian ruble" (TJS/RUB) from October 31, 2022.

The Bank of Russia keeps the key rate at 7.50% p.a.

On 28 October 2022, the Bank of Russia Board of Directors decided to keep the key rate at 7.50% per annum. Current growth rates of consumer prices as a whole remain low, contributing to a further slowdown in annual inflation. Inflation expectations of households and businesses are high and have slightly grown relative to the summer months. The updated forecast assumes inflation for the end of 2022 to total 12.0–13.0% and takes into account the preponed indexation of utility prices among other factors. The Bank of Russia assesses that the partial mobilisation will serve as a deterrent to consumer demand and inflation over the horizon of coming months. However, its subsequent effects will be pro-inflationary as it adds to supply-side restrictions.

On the eve of the decision on the rate

Most market participants believe that the Bank of Russia will leave the key rate unchanged and the range for decisions is quite narrow. Attention is drawn to the fact that if they made the decision themselves, they would be more inclined to lower the rate

Global Diversity Awareness Month Series

As part of the Global Diversity Awareness Month Series, ACI FMA is please to announce that the second conversation is now available.

To continue our celebration and support of Global Diversity Awareness Month, ACI UK and ACI FMA are delighted to share the second in its series of interviews, recorded with prominent female leaders in the financial markets, discussing diversity in our industry in 2022.

In this second conversation, ACI UK Vice President Katharine Leaman sat down with Klaudia Gorczyca, CEO and Founder of Dialogue Age, to talk about Inclusivity and Equal Opportunities in the Financial Markets.

Please take some time to view the inspiring and interesting dialogue of this noteworthy contribution.

Our sincere thanks to Klaudia for kindly sharing her views and insights and allowing us to share them with you.

2022 ACI World Congress

The 60th ACI World Congress will take place in Paris at the Palais Brongniart on Thursday 17th November 2022 in partnership with The Full FX.

This year's theme is Defining The Future of Financial Markets and we are planning a fantastic lineup of speakers.

Updates on this event will be posted regularly on www.acifma.com

Global Diversity Awareness Month Series

ACI FMA celebrates Global Diversity Awareness Month with special conversations.

To celebrate and support Global Diversity Awareness Month, ACI FMA and ACI UK are delighted to share a series of interviews recorded with prominent female leaders in the financial markets to discuss diversity in our industry in 2022.

As a global financial markets association, ACI FMA recognize that today, more than arguably at any time, supporting market participants to adhere to principles of ethical conduct means a focus not solely on enhancing best market practice but also on being an advocate for the sorts of cultural change we need to see.

For our first conversation ACI UK Committee Member Noel Singh sat down with Jasmin Fellner-Bozdag, Director, Head of eFX Sales EMEA at BNY Mellon to explore diversity, equal opportunities and how the employment landscape has changed in the banking industry.

It's a fascinating and important discussion. We hope you enjoy and our deepest thanks to Jasmin for so kindly sharing her thoughts and insights with us and allowing us to share them with you and your ACI members.

The Global Precious Metals Code is under review

ACI FMA has decided to show its strong appreciation to the London Bullion Market Association (LBMA) for leading the current review of the Global Precious Metals Code, as well as for allowing ACI FMA to provide feedback to the Initial and Final Public Consultations included in that review.

Moscow Exchange trading schedule 2023 holidays

Moscow Exchange announces the trading schedule for its market for 2023 public holidays.

On 3-6 January, 24 February, 8 May and 6 November 2023, the FX, Precious Metals, Equity and Bond, Deposit, Credit, Derivatives and OTC Standardised Derivatives Markets will be open.

On the above dates, the FX and Precious Metals Markets will trade all instruments, except spot transactions settled on the trade date ("today" settlement) and overnight swap transactions.

On official public holidays on 1-2 January, 7 January, 23 February, 8 March, 1 May, 9 May, 12 June and 4 November 2023, all Moscow Exchange markets will be closed.

On all other days in 2023, the markets will operate as usual.

Bank of Russia develops additional procedures for setting official foreign exchange rates

The Bank of Russia has developed additional procedures for setting official exchange rates of foreign currencies against the ruble to reflect the situation in the markets more accurately. Exchange rates will be set based on data from extra alternative sources such as bank reporting and OTC platforms.

The Bank of Russia has prepared a draft ordinance on making appropriate amendments to the procedure for calculating and publishing official foreign exchange rates.

Review of the Global Precious Metals Code

The Global Precious Metals Code is currently being reviewed by the LBMA.
In August 2022, ACI FMA has launched a temporary Working Group with the objective of collecting feedback from our members on the proposed review of the Global Precious Metals Code which has been undertaken by the London Bullion Market Association ("LBMA").

On the procedure for trading the British pound

Since October 3, 2022, trading in the British pound has been suspended on the foreign exchange market of the Moscow Exchange. The restrictions will affect spot and swap instruments for the British pound – Russian ruble (GBPRUB) and British pound- US dollar (GBPUSD) currency pairs in exchange and over-the-counter modes.

Bank of Russia cuts key rate by 50 bp to 7.50% p.a.

Bank of Russia Board of Directors decided to cut the key rate by 50 basis points to 7.50% per annum. Current consumer price growth rates remain low, contributing to a further slowdown in annual inflation. This is due to both the influence of a set of one-off factors and subdued consumer demand. Developments in business activity are better than the Bank of Russia expected in July. However, the external environment for the Russian economy remains challenging, invariably putting significant constrains on economic activity. Inflation expectations of households and price expectations of businesses remain elevated.

Rate forecasts

The market is waiting for a rate cut of 50 basis points to 7.50%, a third of those who voted believe that in the current situation it is possible to act more proactively and reduce the rate to 7.00% per annum.

Settlement period: international transactions with cryptocurrencies can be launched in 2023

International transactions with cryptocurrencies may begin as early as next year. This was told to Izvestia by the Director of the Financial Stability Department of the Ministry of Finance Ivan Chebeskov, the information was confirmed by the Head of the State Duma Committee on the financial market Anatoly Aksakov. According to him, the business itself will choose which cryptocurrency to trade in, and the MOEX and SPB Exchange could conduct operations.

Moscow Exchange to add trading hours

Moscow Exchange plans to resume after-hours trading on the Equity & Bond Market, as well as pre-market trading on the Derivatives and FX Markets on 12 September 2022. This will mean trading will run for 12 hours on the FX Market, 14 hours on the Equity and Bond Markets and 15 hours on the Derivatives Market.

Results of the ACI Russia Council on 24 of August

The next Council of the Association was held in online format (Telegram messenger), at which new members of ACI Russia were accepted. However, the Council decided to abandon the ACI Russia eFX Summit this autumn due to the tense sanctions situation in the world and the absence of foreign participants.

Dealer's Festival 2022 on August, 17

On August 17, 2022, ACI Russia gathered about 300 guests on the Loft Boat at the traditional holiday of the interbank and financial community – Dealer's Fest, dedicated to the Dealer's Day - memories of the default of the Russian Federation in 1998, which determined the development of the market for many years.

Bank of Russia cuts key rate by 150 bp to 8.00% p.a.

The Bank of Russia Board of Directors decided to cut the key rate by 150 basis points to 8.00% per annum. Current consumer price growth rates remain low, contributing to a further slowdown in annual inflation. This is due to both the influence of a set of one-off factors and the subdued consumer demand. Inflation expectations of households and businesses have significantly decreased, reaching the levels of spring 2021. The decline in business activity is slower than the Bank of Russia expected in June. However, the external environment for the Russian economy remains challenging and continues to significantly constrain economic activity.

Waiting for the Central Bank's decision on the rate

The experts expressed their opinion. Most votes were given to the decision to lower the rate by 50 bp. Attention is drawn to the fact that analysts believe that the Central Bank will act more cautiously than they would have acted themselves, being in its place

ACI Russia has sent an official request from its members to the Bank of Russia

ACI Russia, at the request of professional market participants, sent an official letter to the Bank of Russia with a request to clarify the procedure for carrying out certain operations between subsidiary banks-residents of the Russian Federation and parent Head offices – residents of states that carry out unfriendly actions against the Russian Federation. The text of the letter can be found in more detail on the ACI Russia website

GFXC to Continue Work Programme: Reminds Slow Re-Adopters of FX Global Code

The Global Foreign Exchange Committee met in person for the first time since the pandemic hit on June 27-28 and agreed the work programme for the next two years, including a survey of market participants to gauge their reaction to the revised FX Global Code, published in July 2021. During the meeting, the Swiss National Bank's Andréa Maechler, chair of the GFXC, warned that the committee expects those firms yet to renew their Statement of Commitment to the revised Code to "do so shortly"

Bank of Russia cuts key rate by 150 bp to 9.50% p.a.

On 10 June 2022, the Bank of Russia Board of Directors decided to cut the key rate by 150 basis points to 9.50% per annum. The external environment for the Russian economy remains challenging and significantly constrains economic activity. At the same time, inflation is slowing faster and the decline in economic activity is of a smaller magnitude than the Bank of Russia expected in April. Recent data suggest that price growth rates in May and early June have been low. This comes as a result of ruble exchange rate movements and the tailing-off of the surge in consumer demand in the context of a marked decline in inflation expectations of households and businesses.

Moving forward, in its key rate decision-making the Bank of Russia will take into account actual and expected inflation dynamics relative to the target and economic transformation processes, as well as risks posed by domestic and external conditions and the reaction of financial markets. The Bank of Russia will consider the necessity of key rate reduction at its upcoming meetings. According to the Bank of Russia's forecast, given the current monetary policy stance, annual inflation will total 14.0–17.0% in 2022, decline to 5.0–7.0% in 2023 and return to 4% in 2024.

ACI Russia conducted a survey of the professional community on the eve of the vote on the key rate

Most analysts and market participants predict a reduction in the key rate on Friday by 100 b.p. to 10% per annum. The Russian segment is more aggressive in forecasts for rate cuts than the international one

Moscow Exchange trading schedule over June 2022 holidays

Moscow Exchange announces the trading schedule for its markets for June 2022.
On 11-13 June, the Moscow Exchange Equity & Bond, Money, Derivatives, FX and Precious Metals Markets will be closed for trading and settlement of trades due to a holiday weekend.

We are on EMCR.io

Now the Telegram channel @acirussia feed is available on our page on EMCR!
Join the EMC community and subscribe to the channel with vacancies from the financial sector @EMCR_jobs

A meeting of the updated ACI Russia Council was held under the leadership of the new President

The ACI Russia Council held its first meeting in the updated composition in hybrid format. On the agenda questions about the admission of new members of the Association, the organization Council work with new staff, connection with the regulator, making an event plan for ACI Russia until the end of this year and so on were raised.

Bank of Russia cuts key rate by 300 bp to 11.00% p.a.

The Bank of Russia Board of Directors decided to cut the key rate by 300 basis points to 11.00% per annum effective from 27 May 2022. The latest weekly data point to a significant slowdown in the current price growth rates. Inflationary pressure eases on the back of the ruble exchange rate dynamics as well as the noticeable decline in inflation expectations of households and businesses. In April annual inflation reached 17.8%, however, based on the estimate as of 20 May, it slowed down to 17.5%, decreasing faster than in the Bank of Russia's April forecast.

Funds continue to flow into fixed-term ruble deposits while lending activity remains weak. This limits proinflationary risks and makes it necessary to ease monetary conditions.

External conditions for the Russian economy are still challenging, considerably constraining economic activity. Financial stability risks decreased somewhat, enabling a relaxation of some capital control measures.

Moving forward, in its key rate decision-making the Bank of Russia will take into account actual and expected inflation dynamics relative to the target and economic transformation processes, as well as risks posed by domestic and external conditions and the reaction of financial markets, and holds open the prospect of key rate reduction at its upcoming meetings. According to the Bank of Russia's forecast, given the monetary policy stance, annual inflation will decrease to 5.0–7.0% in 2023 and return to 4% in 2024.

The Bank of Russia Board of Directors will hold its next rate review meeting on 10 June 2022. The Board decision press release is to be published at 13:30 Moscow time.

ACI Russia conducted a survey of experts before the extraordinary meeting of The Bank of Russia Board of Directors on the rate

The voting results of ACI Russia members show a wide range of possible decisions of the Central Bank, but, in any case, an emergency meeting seems unlikely to be convened for a slight rate cut

The voting results to the governing bodies of the Association have been aproved

The current Council of ACI Russia approved the results of voting on the election of the President of the Association and members of the Council for 2022-2024

Gaining 70.69% of the votes in FAVOR, Evgeny Egorov (Alfa-Bank) was elected as President of the Association, Dmitry Piskulov (MOEX) was elected as Vice-President of the Association for the next two years,.

According to the results of the vote of 113 members, 15 people were included in the Council of the Association for the term up to 2024:

Vladimir Borisov, OTP Bank
Kirill Vychuzhanin, Alfa-Bank
Alexey Evdokimov, NT Progress
Evgeny Egorov, Alfa-Bank
Aliya Zubkova, Otkritie
Konstantin Zyryanov, Tolyattikhimbank
Veronika Kapranova, Bank of Russia
Alexander Kiryanov, DELTA
Vladimir Kozinets, Rolf
Mikhail Nazarov, Sovcombank
Mikhail Petushkov, Unicreditbank
Dmitry Piskulov, MOEX
Anna Senina, Refinitiv
Andrey Sumin, Sberbank
Vladimir Yarovoy, MOEX

The plans of the updated management bodies of ACI Russia – The Financial Markets Association - continue to unite the community of financial market professionals, provide a platform for discussions on the topics of market development, its regulation and removal of restrictions, provide an information platform for analysts and opinion leaders.

In the next 2 weeks, it is planned to hold a meeting of the Council in a new composition and approve the action plan and goals of the Association by the end of the year.

The ACI Russia Congress 2022 was held in an online format in Zoom

Speakers at the Congress were: Sergey Romanchuk, President of ACI Russia, Head of Trading, Metallinvestbank; Dmitry Piskulov, Vice President of ACI Russia, Director, International Projects, MOEX; Pavel Pikulev, Chief Strategist for macro, FX & rates, Treasury, Sberbank; Viktor Tunev, Chief Analyst, Ingosstrakh Investments Management Company; Dmitry Polevoy, Director for investments, Loco-Invest. Evgeny Egorov, Head of Algorithmic Trading, Alfa-Bank, was elected the host of the Congress.

Sergey Romanchuk briefly spoke about the work carried out by the association over the past year, fulfilling its mission – uniting professional market participants based on commitment to common values: ethical professional code, improving the level of education and professionalism, open unifying communication. The work was organized along several lines: organizing events, working with the regulator through the The Moscow FX Joint Standing Committee of the SRO NFA, participation in the Global Foreign Exchange Committee. The peak of this work was to be the holding of the ACI FMA Global Congress in Moscow in the fall of 2022, but due to new external conditions, its holding in the Russian Federation was canceled.

Dmitry Piskulov spoke about the successful work with the Bank of Russia on changing the methodology for calculating the official ruble exchange rate and educational projects.

In the second panel, Vladimir Yarovoy shared how the MOEX is coping with current challenges and shared plans to launch new products and services and answered questions from Evgeny Egorov and the participants of the Congress.

The panel on macroeconomics, moderated by Konstantin Zyryanov, ACI Russia Board Member, Chairman of the Management Board, Tolyattikhimbank, assessed the current economic situation and made some forecasts for the future.

At the end of the Congress, they were given the opportunity to submit their candidacies to the ACI Russia Council for the next two years (its number was determined at 15 people), as well as to the posts of President and Vice President, where Evgeny Egorov (Alfa-Bank)/Dmitry Piskulov (MOEX) and Alexey Evdokimov (NTPro) /Mikhail Petushkov (Unicreditbank) were nominated. After the Congress, the procedure of electronic absentee voting on the nominated candidates was launched, the results of which will be summed up on May 25, 2022 by the election (counting) commission, which included Sergey Romanchuk (Metallinvestbank) and Andrey Skabelin (MOEX), who did not submit their candidacies to the governing bodies of the association for a new term.

The elections of the President and Council of ACI Russia will be held online in May 2022

On Thursday, April 28, the ACI Russia Council decided to schedule the next elections of the President and Council of the Association for May 2022. In this regard, the ACI Russia Congress 2022 will be held online on May 17.

Any member of ACI Russia can nominate his candidacy for the positions of President, Vice President and member of the Council by 17:00 on May 16, 2022. Please, send your applications in a free form with your full name, email address, contact phone number and desired position in the management bodies of ACI Russia to the mail acirussia@gmail.com. Also let me know if you are ready to become a member of the election commission.

After checking your application, your candidacy will be submitted to a general electronic vote.

The decision is made by a simple majority of the votes of those who took part in the voting. The voting results will be announced and published on the official website of ACI Russia acirussia.org, in social networks, as well as in the e-mail newsletter.

The current President, Sergey Romanchuk, has decided not to nominate his candidacy for the post of President and member of the Council of ACI Russia for a new term.

The Bank of Russia cuts the key rate by 300 b.p. to 14.00% p.a.

On 29 April 2022, the Bank of Russia Board of Directors decided to cut the key rate by 300 basis points to 14.00% per annum. The external environment for the Russian economy remains challenging and significantly constrains economic activity. With price and financial stability risks no longer on the rise, conditions have allowed for the key rate reduction. Recent weekly data indicate a slowdown in current price growth rates on the back of a strengthening of the ruble and a cooling of consumer activity. Further inflation movements will be shaped by such impactful factors as the efficiency of import substitution processes and the scale and speed at which imports of finished goods, raw materials and components will be recovering. The Bank of Russia's monetary policy will take into the account the need for a structural transformation of the economy and will ensure a return of inflation to target in 2024.

ACI Russia conducted a regular survey about key rate decision

The participants of the ACI Russia survey, unlike the Bloomberg survey, do not rule out a sharper reduction in the key rate - up to 14% at once. At the same time, some see a space of opportunities for reducing immediately to the level of 10% per annum, although no one expects such a sharp movement from the Central Bank.

Bank of Russia changes procedure for calculating official exchange rates

To ensure business continuity of economic agents in the Russian Federation, the Bank of Russia switches to setting official exchange rates of foreign currencies against the ruble as of 15:30 Moscow time.

The US dollar/ruble exchange rate will be calculated on the basis of the Moscow Exchange data on the weighted average USD/RUB exchange rate for transactions carried out from 10:00 to 15:30 Moscow time. Previously, the calculation period was from 10:00 to 16:30 Moscow time.

Additionally, in order to improve the representativeness of the official exchange rates of the euro and yuan against the ruble, the Bank of Russia is to use the methodology similar to the calculation of the US dollar official exchange rate, namely, based on the weighted average exchange rates of the euro and yuan against the ruble calculated for transactions carried out at on-exchange trading organised by the Moscow Exchange from 10:00 to 15:30 Moscow time.

Elvira Nabiullina appointed to the post of Chairman of the Bank of Russia

Elvira Nabiullina's speech at State Duma's plenary session on Bank of Russia's 2021 Annual Report

The Bank of Russia cuts the key rate by 300 bp to 17.00% p.a.

The Bank of Russia Board of Directors decided to cut the key rate by 300 basis points to 17.00% per annum from 11 April 2022. External conditions for the Russian economy are still challenging, considerably constraining economic activity. Financial stability risks are still present, but have ceased to increase for the time being, including owing to the adopted capital control measures. There is a steady inflow of funds to fixed-term deposits. Annual inflation will continue to rise due to the base effect. Yet, the latest weekly data point to a noticeable slowdown in the current price growth rates, including owing to the ruble's exchange rate dynamics. The tightening of monetary conditions already in place is partly offset by the lending support programmes launched by the Government and the Bank of Russia, but it will continue to limit pro-inflationary risks.

Buehler Named Deputy CEO at XTX as Amrolia Set to Step Down

XTX Markets is preparing for a change of leadership with the news that Zar Amrolia, co-CEO of the firm, will retire from executive duties in early 2023.

Renewed Statement of Commitment to the FX Global Code

The Federal Reserve Bank of New York (New York Fed) today released its renewed Statement of Commitment to the FX Global Code (Code). The Code, which was initially published May 2017, is a set of global principles of good practice in the foreign exchange market, developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market. It was developed by a partnership between central banks and Market Participants from around the globe and most recently was updated in July 2021.

LMAX, Six, to Launch 24/7 Crypto Futures

LMAX Group has partnered with European exchange group Six to launch cash-settled, centrally cleared crypto-asset futures, as the product offering in this asset class ramps up further to meet what is expected to be growing institutional demand for digital assets generally.

Malaysia Should Adopt Crypto as Legal Tender, Ministry Says

Malaysia should adopt Bitcoin and other cryptocurrencies as legal tender, the deputy minister of the Communications and Multimedia Ministry said.

The Bank of Russia has decided to keep the key rate at 20% per annum

Against the background of radically changed external conditions, a sharp increase in the key rate by the Bank of Russia on February 28 supported financial stability and prevented uncontrolled price growth. The Russian economy is entering a phase of large-scale structural adjustment, which will be accompanied by a temporary but inevitable period of increased inflation. The monetary policy pursued by the Bank of Russia will create conditions for the gradual adaptation of the economy to new conditions and the return of annual inflation to 4% in 2024.

ACI Russia conducted a regular survey about key rate decision

Surveys of both Bloomberg analysts and members of ACI Russia show unanimity - the majority believes that the Bank of Russia will leave the key rate unchanged, although there is some probability of continued tightening of monetary policy

Former GFXC Chair and RBA Deputy Governor Debelle Exits Central Bank

The Reserve Bank of Australia has announced that deputy governor Guy Debelle is leaving the central bank after 25 years to take up the role of chief financial officer of Fortescue Future Industries, the green energy and product arm of Fortescue Mining.

The Moscow Exchange has provided customers with the MOEX Dealing messaging service

The Moscow Exchange has provided professional market participants – banks, brokers, management companies, pension funds – with the MOEX Dealing messaging service. The service allows you to enter into transactions on the OTC market with various assets through secure exchange communication channels.

Clients have access to the functionality of negotiating the terms and fixing the status of over-the-counter spot and swap transactions with currencies, interbank lending transactions, as well as purchase and sale and repo transactions with securities.

The Moscow Exchange acts as the administrator of the service, identifies participants and ensures the storage of user negotiation protocols, which increases the reliability and convenience of the service.

Access to the system is provided to customers using a universal connection scheme or ConnectME service

The Bank of Russia introduces a temporary procedure for operations with cash currency

From March 9 to September 9, 2022 , the Bank of Russia establishes the new procedure for issuing funds from foreign currency deposits or accounts of citizens

Announcement: Location Change - 60th ACI FMA World Congress

During the 59th ACI World Congress and 45th ICA Conference, held in Dubai last November, it was announced that the next ACI World Congress would take place in October 2022 in Moscow.

Considering the current events in this region, the ACI FMA Management Board, in close collaboration with ACI Russia, has decided to relocate the 60th ACI World Congress and will announce the new venue and date shortly. ACI FMA will host the event in the last quarter of 2022, most likely in October or November.

ACI FMA represents 59 National Associations globally and one of its objectives is to always ensure the safety and well-being of its representatives.

We are closely following the developments of this conflict and hope that the situation will be resolved quickly without further impact.

Thank you for your continuous support and commitment.

Kind regards,

ACI FMA Management Board

On the mandatory sale of revenue in foreign currency by exporters

Based on the proposals of the Ministry of Finance of the Russian Federation and the Bank of Russia, a decision will be made today to introduce, from February 28, 2022, for residents participating in foreign economic activity, a mandatory sale of foreign currency in the amount of 80% of the revenue owed to residents under all foreign trade agreements.

Bank of Russia decided to raise the key rate from February 28, 2022 to 20% per annum

The external conditions for the Russian economy have changed dramatically. An increase in the key rate will ensure an increase in deposit rates to the levels necessary to compensate for increased devaluation and inflation risks. This will help maintain financial and price stability and protect citizens' savings from depreciation.

The Bank of Russia will make further decisions on the key rate based on the assessment of risks from external and internal conditions and the reaction of financial markets to them and taking into account the actual and expected dynamics of inflation relative to the target, economic development on the forecast horizon.

SRO NFA sent proposals to the Bank of Russia on adapting the financial market to the current conditions

SRO NFA has sent proposals to the Bank of Russia on adapting the financial market to the current conditions.
The proposals are collected from financial market participants and include the most relevant initiatives to date.
The package of proposals includes measures to support credit and non-credit financial organizations, comments on the suspension of short sales on the exchange and over-the-counter markets, actions to offset the effects of volatility on investors, measures to maintain the liquidity of the REPO market, proposals to ensure compliance with liquidity and capital adequacy standards, ways to support the Russian precious metals market, comprehensive measures in terms of ratings and a number of other measures.

Appeal to private investors from MOEX

The Board of MOEX, consisting of representatives of the largest financial market participants, discussed the current situation.
Markets are experiencing extraordinary volatility. We recommend that private investors refrain from excessive emotional reaction and, if possible, refrain from rash transactions.
As long-term practice shows, this can negatively affect the financial results of investments.
The financial authorities of the country have all the necessary resources and are taking measures to stabilize the situation in the markets.

Trading on MOEX during the holidays of February 23 and March 8, 2022

MOEX reminds that during public holidays on February 23 and March 8, 2022, trades will be held on the FX market and the precious metals market, stock, money, derivatives markets and standardised OTC derivatives market.

Renewal of Statements of Commitment to the FX Global Code

We would like to inform you that, this week, all members of the European System of Central Banks (ESCB) have
simultaneously renewed their Statements of Commitment to the FX Global Code, in order to reflect their strong
commitment to the new version of the Code that was published in July 2021.

The members of the ESCB comprise of the European Central Bank (ECB) and the National Central Banks of all
member states of the European Union. With the renewal of these Statements, the ESCB members further
emphasise that adherence and application of all the Code's principles is extremely relevant in ensuring that the
FX Market functions in an effective manner and with continuous integrity.

ACI FMA ELAC - Bring Codes of Conduct and Good Market Practices to Life

ELAC is the ACI FMA Online Portal providing continuous training and certification for Codes of Conduct and Good Market Practices in financial markets, contextualised for industry sectors and financial markets participants, whilst being relevant to their role and experience level.

ACI FMA ELAC training promotes the highest global standards of professionalism, competence and ethical conduct in Financial Markets.

Please watch the video for a detailed presentation of the ACI FMA ELAC Portal (for E-Learning, Attestation and Certification) on Industry Codes of Good Market Practices.

ACI FMA issues a Statement of Support to the FX Global Code

ACI FMA'S initiative that further demonstrates support to the FX Global Code.

As mentioned in our press release of 15th July 2021, ACI FMA is extremely pleased with the new version of the FX Global Code published on that day, as we firmly believe the Code continues to represent a very important set of guidelines for ethical and professional behaviour to all professionals in the wholesale FX Market.

In order to further show our continuous support to the work of the Global Foreign Exchange Committee (GFXC) that ensured the new version remains relevant and up to date, ACI FMA has decided to issue a Statement of Support of the FX Global Code which was addressed to Guy Debelle, Chair of the GFXC.

Our contribution to the continual evolution of the Code started from its inception and we are proud to share with the financial markets industry, on an ongoing basis, the valuable opinions of our members who are longstanding proponents and influencers of the highest standards of ethical and professional conduct.

We have also issued a Statement of Support to the UK Money Markets Code and we will continue to be strongly supportive of these types of guidelines that are essential to and are definitely helping to create more fair, liquid, open and appropriately transparent markets.

Therefore, ACI FMA remains committed to promoting worldwide adherence to these initiatives that aim to implement the adoption of good market practices in the roles of financial market professionals.

European System of Central Banks renews Statements of Commitment to FX Global Code

• FX Global Code promotes robust, fair, liquid, open and appropriately transparent foreign exchange market
• European System of Central Banks publicly reaffirms commitment to updated Code
• Code first published in 2017 and updated mid-2021

The European System of Central Banks (ESCB) welcomes the July 2021 update of the FX Global Code and the publication of related guidance material. With this global code on foreign exchange, participants in foreign exchange markets aim to promote a robust, fair, liquid, open and appropriately transparent foreign exchange market underpinned by high ethical standards. The Code has been updated by the Global Foreign Exchange Committee to keep it relevant and aligned with the ongoing evolution of the foreign exchange market and will continue to set the standard for good market practice. Well-functioning financial markets benefit all market participants and are important to central banks because they ensure the smooth transmission of monetary policy to the real economy. This ultimately benefits the public at large.

Today all members of the ESCB, including the European Central Bank (ECB), simultaneously issued renewed Statements of Commitment to the Code. This demonstrates their strong commitment to adhere to its principles when acting as foreign exchange market participants, to align their internal practices and processes with its updated principles, and to support and promote adherence to the Code. With these Statements of Commitment, they emphasise that the principles of the Code are important in ensuring the continued integrity and effective functioning of the foreign exchange market. To fully achieve the objective of the Code, the EU central banks also encourage foreign exchange market participants in their jurisdictions to review the updated Code and renew their Statements of Commitment.

The Bank of Russia has decided to raise the key rate by 100 bps, to 9.50% per annum

Inflation is significantly higher than the October forecast of the Bank of Russia. The expansion of demand continues to outpace the possibilities of increasing output. The rapid growth of economic activity with limited available labor resources increases inflationary pressure. The conjuncture of the world commodity markets remains inflationary. Inflation expectations are not decreasing yet, remaining at multi-year highs. Under these conditions, the balance of risks for inflation has shifted even more towards pro-inflationary ones. The monetary policy pursued by the Bank of Russia is aimed at returning inflation to 4%.

Medium-term forecast of the Bank of Russia based on the results of the meeting of the Board of Directors on the key rate on February 11, 2022

ACI Russia conducted a regular survey about key rate decision

Before tomorrow's decision of the Bank of Russia on the key rate, the data from the Bloomberg survey of economists mostly coincide with the internal survey of ACI Russia, most are waiting for the rate to rise by 1%. At the same time, if the decision were made by the market, then the distribution of preferences is shifted downwards - a noticeable number of voting participants consider it sufficient to raise the rate by 0.5%, a smaller number would vote not to raise the rate at all, and the same number would vote for a bigger step up.

GDF's yearly compendium review of the crypto and digital assets industry includes contributions from industry leaders, financial institutions, regulators, and policymakers on the extraordinary growth in the digital asset sector throughout the past year.

Comment of the Bank of Russia on operations under the budget rule

The Bank of Russia has decided not to purchase foreign currency on the domestic market as part of the implementation of the budget rule mechanism from 15:00 Moscow time on January 24, 2022.

This decision was made in order to increase the predictability of the actions of the monetary authorities and reduce the volatility of financial markets. The decision to resume the purchase of foreign currency within the framework of the implementation of the mechanism of the budget rule will be made taking into account the actual situation in the financial markets.