Strategy update

Following its launch in 2013, the Precious Metals Market operated at full force for the first year in 2014. The market facilitates trading in gold and silver. Trading takes place on the same platform as the FX Market and utilises the same risk management system. RUB, USD, EUR, CNY, gold and silver are accepted as collateral. The NCC Clearing Bank acts as both the central counterparty and clearing house.

In 2014, the Precious Metals Market welcomed 25 new members, including the largest Russian market participants. Seven market-maker agreements were signed with market participants. Four non-bank organisations began offering direct market access (DMA) to their clients. At the start of 2015 there were 48 market participants on the Precious Metals Market, consisting of 39 banks and nine investment companies.

2014 was a strong year for the market, with total trading volume of RUB 16.4 bln, or 9.4 t of gold and 18.9 t of silver. Bullion vault turnover was 1.7 t of gold and 1.9 t of silver.

The Exchange plans to broaden its precious metals offering in 2015 with the launch of trading in platinum and palladium. The new metals will encourage growth of trading volumes and the number of participants on the market.

In addition, the Exchange will work to develop precious metals fixings based on the market prices. The fixings will serve as price benchmarks in settlement for precious metals derivatives.

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