Download 2 - mosprime

Rules
for calculating the rouble loan (deposit) reference rate on the Moscow interbank
market
MosPrime Rate — Moscow Prime Offered Rate
1. The National Foreign Exchange Association fixes the MosPrime reference rate on the basis of offer
rates of rouble loans (deposits) quoted by leading participants in the Russian money market to first
class financial institutions.
MosPrime Rate is an independent reference rate.
2. The list of banks to contribute reference rates (hereinafter – the "contributing banks") shall be
determined by the Board of the National Foreign Exchange Association (the "NFEA Board"). Banks
are included in this list on the basis of their reputation, financial standing, scale of operations and
experience in the Moscow money market. The list shall include at least 6 contributing banks. The
NFEA Board shall review the list of banks participating in MosPrime Rate at least once a year. There is
no restriction on recurring inclusion of a bank in the list.
If a contributing bank ceases to satisfy NFEA Board requirements for any reason, the NFEA Board
may, at its own discretion, exclude it from the list of the contributing banks.
Each contributing bank may cease participating in the project by serving a prior notice on the NFEA
Board at least 3 calendar months before ceasing to quote the rates.
If a decision has been taken to change the panel of the contributing banks or the methodology for
calculating the reference rates, the NFEA shall, at least 1 calendar month before the actual change,
inform market participants to this effect through the mass media (in particular, on the relevant webpages of Thomson-Reuters and the NFEA web sites).
If a contributing bank has been replaced, the rates quoted by the new contributing bank shall be taken
into account in calculating MosPrime Rate not earlier than the day following the last day on which the
replaced contributing bank provided its rate.
3. The rates provided by the banks are regarded as reference information. Publication of such rates does
not impose any obligations on the banks to enter into transactions, apart from control transactions to be
concluded by the contributing banks between each other. The rules for concluding control transactions
shall be developed and approved by the NFEA Expert Council for Market Indices. At the same time,
the offered rates shall reflect the level of interest rates at which the contributing banks are ready, when
quoting the rates, to extend loans in accordance with Russian legislation to first class financial
institutions operating on the Moscow money market.
The contributing banks shall disclose their rates without any references either to the rates of the other
banks or to the rates of the Bank of Russia.
4. MosPrime Rate shall be calculated on the basis of deposit rates quoted by the banks for the tenors of
overnight, 1 and 2 weeks, 1, 2, 3 and 6 months. The starting day of the contract period is “tomorrow”
(TOM), except for overnight rates. At least 8 banks shall participate in fixing MosPrime Rate.
5. MosPrime Rate shall be calculated every business day at 12:30 p.m. Moscow time. The contributing
banks shall submit their rates into the Thomson-Reuters system by 12.15 p.m. Moscow time. Business
day shall mean every business day considered as such in accordance with the legislation of the Russian
Federation. If a deposit matures on a non-business day, the maturity date of the deposit shall be the
following business day. The rate shall be specified in per cent per annum rounded to two decimal
places. The calculation base shall be the actual number of calendar days in a year, either 365 or 366
days (actual/actual).
If no less than 9 rates have been provided, MosPrime Rate shall be calculated as the arithmetic average
of the rates provided by the banks after disregarding the 2 highest and the 2 lowest rates. If from 6 to 8
rates have been provided, only the highest rate and the lowest rate shall be disregarded and the
arithmetic average of the remaining rates shall be taken to calculate MosPrime reference rate. If, by the
12 Bolshaya Nikitskaya St., Moscow, 125009, Russia
Telephone: (495) 629 9510
www.nva.ru
time when MosPrime Rate is to be fixed, only 5 or 4 rates have been received from the contributing
banks, MosPrime Rate shall be calculated as the arithmetic average of all the rates provided. If 3 or
fewer rates have been provided, indicator is not calculated.
MosPrime Rate shall be calculated in per cent per annum rounded to two decimal places.
6. Thomson-Reuters shall publish MosPrime Rate and the rates of the contributing banks every
business day on its dedicated pages.
7. The National Foreign Exchange Association shall provide the information on MosPrime Rate to
general public on a daily basis, including the MosPrime Rate itself, the individual rates quoted by each
contributing bank and any changes in the panel of the contributing banks, on NFEA web-pages, the
dedicated Thomson-Reuters page and in any mass media at its discretion (a reference to the NFEA and
Thomson-Reuters shall be made and copyright terms shall be observed).
8. On the last business day of the year, no overnight MosPrime reference rate shall be calculated, unless
provided otherwise by a special resolution of the NFEA Expert Council for Market Indices. For
financial instruments that are based on the overnight MosPrime Rate, the last business day of the year
shall be considered as a public holiday (non-business) day.
12 Bolshaya Nikitskaya St., Moscow, 125009, Russia
Telephone: (495) 629 9510
www.nva.ru