Moscow Exchange to start trading Turkish lira from March

Russia’s Moscow Exchange (MOEX) announced Monday to trade the Turkish lira and Hong Kong dollar as of March 1.

MOEX said the launch of new contracts for the Turkish lira and Hong Kong dollar stemmed from a growing interest from clients in trading both currencies.

Investors will have access to contracts expiring in June, September, and December 2023 and March 2024 for the Turkish lira and Hong Kong dollar futures.

“Currency futures are one of the most popular instruments with investors around the world, and our market is no exception. Over 50% of the volume of transactions in the derivatives market today is currency derivatives. These are convenient tools that allow you to implement various strategies on changes in exchange rates and hedge currency risks at low cost,” said Managing Director for Derivatives of the Moscow Exchange Vladimir Yarovoy.

Yarovoy further said the demand for the Turkish lira in MOEX has risen by seventeen-fold.