Moscow Exchange began testing Credit Default Swaps (CDS) on the… (рынок · своп · инструмент)

Moscow Exchange began testing Credit Default Swaps (CDS) on the market for Standardized Financial Derivative Instruments (SFDI). The Moscow Exchange, together with major participants in the financial market, commenced testing CDS on the SFDI market.

Consensus

• Moscow Exchange (MOEX) is testing Credit Default Swaps (CDS) on its standardized derivatives market (SPFI)
• The CDS will be cleared through a central counterparty (CCP)
• The test began in 2026
• The CDS instrument is intended to help manage credit risks for Russian issuers
• The volume of SPFI trading rose 72% year-on-year in January-May 2026 to 3.1 trillion rubles
• The official launch date has not yet been announced

Points of divergence

• The test includes CDS for Russian issuers and aims to improve transparency of bond issuance quality and liquidity — kommersant
• CDS will initially be available to five to seven most reliable issuers, with the list potentially expanding to 17–18 companies — vedomosti
• Open positions on SPFI rose 93% to 11.8 trillion rubles by the end of May 2026 — vedomosti