Russian Ruble/U.S. Dollar futures

Ruble ADV of 6,270 in June 2020 up 48% vs May 2020

Key macro facts

Russia is the 11th largest economy in the world with a nominal gross domestic product of $1.6 trillion in 2019.  The Russian economy has been hit particularly hard by the Covid-19 pandemic shutdown of the economy.  Because Russia’s economy is heavily dependent on its status as a producer and exporter of oil, natural gas, steel, and aluminum, Russia is susceptible to movements in global commodity prices, which have fallen almost 10% during the second quarter of this year.  Economists expect Russian GDP to fall 5.5% in 2020.  The Central Bank of the Russian Federation recently cut its key policy interest rate in June by 100 basis points to 4.5%.  The central bank expects inflation to rise between 3.8% and 4.8% by year end.  Although the number of registered unemployed has been rising, analysts expect the Russian unemployment rate to remain below 5.0% in 2020.

Key stats

  • RUB Futures YTD ADV of 5,812 ($207M notional); up 43% vs 2019
  • RUB Futures Q2-2020 ADV of 5,093 up 23% vs Q2-2019
  • RUB Futures notional OI in June of $1.02B up 22% vs May 2020
  • Record monthly ADV achieved in March 2020 with volume reaching 10,386 contracts

Key features

  • Tight bid-ask spreads across all trading hours by dedicated market makers providing liquidity across all time zones.
  • CME’s RUB/USD futures contract offers a useful tool for risk managers to hedge their RUB currency risks.
  • CME offers a venue to access Russian assets along with the benefit of facing a regulated, central counterparty with reduced credit risk.

Key capital efficiencies and potential margin offsets

  • 45% savings with Norwegian Krone (NOK/USD)
  • 30% savings with Australian Dollar (AUD/USD)
  • 25% savings with Brent and WTI Crude
  • 20% savings with Brazilian Real (BRL/USD)

Be Part of the Trend and Trade Cash-Settled Russian Ruble Futures at CME Group

Standard futures

Globex: 6R Bloomberg: RUA Curncy Reuters: 0#RUSS: 

Block minimum threshold: 50

Available in Monthlies and Quarterlies  

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55 Futures, 24 Options, 26 CSFs and 12 NDFs.

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$100B of daily FX volume and the firm liquidity you need to manage FX risk – from rupee to rand.

Cash-settled Russian Ruble futures at CME Group

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Contract Specifications

Contract Unit 2,500,000 Russian rubles
Price Quotation U.S. dollars and cents per Russian Ruble
Trading Hours CME Globex: Sundays: 5:00 p.m. - 4:00 p.m. Central Time (CT) next day. Monday - Friday: 5:00 p.m. – 4:00 p.m. CT the next day, except on Friday - closes at 4:00 p.m. and reopens Sunday at 5:00 p.m. CT.
CME ClearPort: Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday 5:45 p.m. – 6:00 p.m. CT
Minimum Price Fluctuation 0.000005 per Ruble=$12.50
Product Code CME Globex: 6R
CME ClearPort: RU
Clearing: RU
Listed Contracts Twelve consecutive (serial) contract months for the 1st year of maturity (includes 4 March, June, September and December quarterly contract months) plus 16 additional March quarterly months covering a total maturity range of 5 years (total of 20 March quarterly contract months plus 8 nearby non-March quarterly cycle serial contract months for a total of 28 contract months listed).
Settlement Method Financially Settled
Termination Of Trading Trading terminates on 15th day of the contract month , if that is not a business day, then it is the business day after that.
Settlement Procedures RUB/USD Futures Settlement Procedures
Position Limits CME Position Limits
Exchange Rulebook CME 260
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Contract Unit One futures contract for 2,500,000 Russian rubles
Minimum Price Fluctuation 0.000002 per Russian Ruble = $5.00
Trading Hours CME Globex: Sunday 5:00 p.m. - Friday - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT
CME ClearPort: Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday from 5:45 p.m. – 6:00 p.m. CT
Open Outcry: 7:20 a.m. – 2:00 p.m. Central Time (CT)
Product Code CME Globex: 6R
CME ClearPort: RU
Open Outcry: UO
Clearing: RU
Listed Contracts Monthly contracts listed for 12 consecutive months
Settlement Procedures Option on cash-settled futures contract
Termination Of Trading Trading terminates at 12:30 PM Moscow time two Exchange business days prior to the 15th of the month.  If that date is a holiday for the Moscow FX market, trading terminates on the preceding business day.
Position Limits CME Position Limits
Exchange Rulebook CME 260A
Block Minimum Block Minimum Thresholds
Price Limit Or Circuit Price Limits
Vendor Codes Quote Vendor Symbols Listing
Exercise Style European
Settlement Method Deliverable
Underlying Russian Ruble Futures

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