“Russia is our strategic focus,” said Kay Haigh, Deutsche Bank’s head of European emerging markets. “Improving fundamentals in Russia and the relative value of Russian assets are the major driving forces behind investors’ interest towards the Russian local markets.”
The CME launched Russian rouble futures trading in 1998. The same year saw the Russian government default on debt payments. Trading of the US dollar against the rouble subsequently collapsed, but the market began a slow revival in 2001.
“In recent months, our customers have expressed renewed interest in the Russian rouble contract, and we are very pleased that, for the first time, a market maker will be offering rouble prices on our Globex system,” said Rick Sears, managing director of currency products at the CME.