The Moscow Exchange introduces fixings for Coinbase, Tesla, and Amazon shares: a new tool for Russian investors
The Moscow Exchange will launch the calculation and publication of fixings for 23 foreign securities starting July 27. The list includes shares of Coinbase, Tesla, Amazon.com, Netflix, Uber, and AMD, as well as units of the SPDR S&P 500 and Invesco QQQ exchange-traded funds, which track key US indices.
A fixing is a benchmark price reference that the exchange calculates using a unified methodology. The value is determined as the arithmetic mean of transaction prices over a 60-second period immediately preceding the calculation moment. The indicators will be published every 15 seconds during the main and additional trading sessions.
What this brings to the market
The launch of fixings expands the range of instruments on the platform, which is cut off from direct access to Western markets. Based on these benchmark values, the Moscow Exchange plans to issue derivative instruments — futures and options. This opens a path for Russian investors to bet on the dynamics of foreign securities without purchasing the shares themselves.
The inclusion of Coinbase is particularly telling. Through derivatives linked to the fixing, Russian participants will be able to gain exposure to the dynamics of the largest US crypto exchange within the local infrastructure. This is an important step for those looking to hedge risks or speculate on the crypto market while remaining under Russian jurisdiction.
The emergence of new instruments coincides with a revival in the market itself. On July 22, the Moscow Exchange index exceeded 2,140 points, gaining 2.96% after the announcement of a meeting between Lavrov and Rubio. The short-term rise was an attempt to break a record 19-week losing streak. Against this backdrop, the launch of fixings appears to be a step toward expanding opportunities for investors weary of the prolonged downturn.
However, the effect should be assessed cautiously. Derivatives on foreign securities are a niche instrument, and their impact on the broader market will depend on demand and how the exchange structures trading in futures and options. For now, this is more a signal of intent than a revolution.
My analysis: In the context of the Russian market's isolation, fixings are not just a technical innovation but a strategic move. They create a bridge to global assets, bypassing sanctions restrictions. However, liquidity for these instruments will be a key factor for success. Without active participation from major players, fixings risk remaining merely reference information.