Plans for new USD/RUB benchmark fall flat

Moex and EBS joint benchmark bites the dust as parties fail to agree

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Plans to launch a USD/RUB benchmark, jointly calculated and published by the Moscow Exchange (Moex) and electronic trading platform EBS, have fallen flat after the two sides failed to agree on terms after two years of negotiations.

This comes amid widespread regulatory attention on benchmarks, and as authorities and market participants grow increasingly concerned about the integrity of existing benchmarks in both developed and emerging markets (EM) currencies.

"We've decided to postpone the

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