Moscow Exchange to Launch Its Own Bitcoin Index

The Moscow Exchange has announced the upcoming launch of a Bitcoin index. The calculation and publication of the indicator under the ticker MOEXBTC will commence on June 10.

The index will be computed once daily at 12:30 PM Moscow time. For more details on the methodology, you can visit the exchange’s website.

The MOEXBTC is based on price data for perpetual futures and swaps of the BTC/USDT pair. This information is sourced from four of the largest centralized cryptocurrency exchanges: Binance, Bybit, OKX, and Bitget.

This index represents a weighted average of prices from these trading platforms. The list and weight of the exchanges will be reviewed quarterly to ensure that it accurately reflects current market conditions.

In the future, the index could become an underlying asset for developing new financial instruments. This paves the way for the introduction of exchange-traded products linked to the price of the leading cryptocurrency in the traditional Russian market, according to a press release.

The introduction of the Bitcoin index is viewed as part of a broader strategy to integrate crypto assets into the conventional financial system.

“Similar to the launch of IBIT futures on June 4, MOEXBTC represents an effort to embed cryptocurrency themes into familiar regulatory and infrastructural frameworks: with no physical delivery, no trading of the asset itself, and via controlled settlement bases. This is a conservative, regulated experiment aimed at testing participant interest without exceeding existing legislation,” explained Nekrasov.

He also pointed out the caution and limited pace at which Russian infrastructure is evolving:

“Even IBIT futures are available solely to qualified investors, which automatically narrows potential liquidity. A key question remains—will a sufficient number of secondary instruments be created so that the index operates as a full-fledged basis? Without this, it will merely serve as a ‘tick-box’ indicator.”

Alexander Peresichan, CEO of Technobit, also sees the index launch as a foundation for future products, believing it can provide a basis for creating derivative instruments.

He emphasized that this model does not conflict with Russian legislation, which prohibits the circulation of Bitcoin but allows for the trading of derivatives based on the index reflecting the price of the leading cryptocurrency.

The necessity for a standardized index, he noted, is dictated by the nature of the crypto market:

“Price discrepancies for Bitcoin across different exchanges can sometimes reach hundreds of dollars. The index is needed as a reference point and a foundation for developing instruments. It allows for price standardization, performance calculation, position hedging, and product development.”

Ultimately, Peresichan believes these moves will benefit the exchange itself:

“The index alone will not attract anyone. However, products related to the index, as well as the launch of futures trading, can draw in new users and enhance investor engagement. […] All of this will contribute to strengthening the Moscow Exchange’s position in the domestic market.”

It is worth noting that during the inaugural session, trading volumes for Bitcoin-ETF futures exceeded 423 million rubles, with nearly 8,600 transactions conducted.