Agreement on new RUONIA administration procedure signed

The Bank of Russia and the self-regulatory organisation National Finance Association (SRO NFA) have signed an agreement on the new procedure for administering the RUONIA interest rate. RUONIA is a weighted average interest rate on overnight interbank ruble loans (deposits) that reflects the estimated value of unsecured overnight ruble borrowing. This agreement is aiming to bring RUONIA in line with the international standards for financial benchmarks developed in the course of the pricing reform in global financial markets (the LIBOR reform). According to the new agreement, the Bank of Russia is in charge of the overall RUONIA administration process, including the RUONIA methodology, data collection, the calculation and publication of this interest rate. SRO NFA is responsible for arranging expert discussions and preparing opinions on the methodology, monitoring the RUONIA quality and critical situations, and considering complaints and requests from RUONIA users. The new procedure for the communication between the parties stipulated by the agreement will ensure the continuity of the approaches to forming the RUONIA rate.

In order to control the compliance with the international requirements, the Bank of Russia establishes the Committee for RUONIA Supervision that will also include SRO NFA’s representatives. The SRO NFA’s Expert Council on Indicators and Rates will act as the committee of RUONIA users.

More details on the RUONIA rate are available on the Bank of Russia website and on the SRO NFA website.

The reference to the Press Service is mandatory if you intend to use this material.