The Central Bank of Russia published an analytical commentary on the derivatives market, reporting that market growth slowed in 2024 and the first half of 2025 as limited access to external markets constrained activity. While some segments stabilised or edged up, the central bank pointed to structural and macro-financial factors limiting further expansion. Foreign exchange derivatives transaction values stabilised in 2025, with the decline in foreign currency settlements in external trade limiting the segment’s potential. Interest rate derivatives volumes increased slightly, but a prolonged period of tight monetary conditions and expectations of gradual easing reduced demand for interest rate risk hedging. Commodity derivatives development was hindered by the absence of accurate domestic indicators of current prices, with precious metal derivatives remaining the most actively traded, while exchange-traded derivatives expanded relatively quickly and open positions in Moscow Exchange futures increased by almost one third, led by the largest rise in money market transactions.
Central Bank of Russia 2025-09-17
Central Bank of Russia notes slower recovery in the derivatives market as Moscow Exchange futures open interest rises by almost one third
The Central Bank of Russia reported a slowdown in derivatives market growth in 2024 and early 2025 due to limited access to external markets. Foreign exchange derivatives stabilized, while interest rate derivatives saw slight volume increases amid tight monetary conditions. Commodity derivatives faced challenges from a lack of accurate domestic price indicators, though exchange-traded derivatives and Moscow Exchange futures positions grew.