Vladimir Yarovoy, Managing Director for Derivatives at Moscow Exchange, explained why the opinion that the dollar exchange rate is incorrectly formed on the trading floor is incorrect. He said this during a live broadcast on the channel “BCS Live”.

“The ruble is traded in Russia, more than 90% of all transactions with the ruble are concluded in Russia, so to say that somewhere there is correct pricing of the ruble, and in Russia incorrect – it is even mathematically incorrect,” he said.

Yarovoy reminded that the ruble is indeed traded not only on the Moscow Exchange. At the same time, Western players, who are members of the Emerging Markets Traders Association (EMTA), due to the imposed restrictions have actually lost the ability to freely trade currency in Russia. Because of this, there is a difference between the rate in Moscow and the quote that foreign banks can provide when trading with each other.

Previously, EMTA recommended that its member banks should be guided by the dollar exchange rate, which differs from the rate on the Moscow Exchange.