Bank of Russia publishes statement of compliance with international norms in its administration of RUONIA

The Bank of Russia has completed preparations for RUONIA benchmark rate administration and is publishing a statement of its compliance with the International Organization of Securities Commission (IOSCO) Principles for Financial Benchmarks, intended to assure users of RUONIA of its reliability and quality.

This release discloses information on the organisational structure of benchmark administration and effective documents and procedures. The Bank of Russia collects and processes data, provides methodological support, calculates and publishes RUONIA in accordance with IOSCO standards. This ensures the transparency, integrity and independence of benchmark administration.

Auditor Ernst & Young verified the reliability of the Bank of Russia’s statement in all material respects.

RUONIA is an important benchmark in financial markets and for the Bank of Russia’s monetary policy. This benchmark is used to monitor and analyse the efficiency of efforts to pursue the operational objective of the Bank of Russia’s monetary policy. A part of Russia’s public debt is in the form of government bonds, with their coupon yield linked to RUONIA. Finally, RUONIA is a benchmark rate used in the pricing of a range of financial instruments, including loans, bonds, and derivatives.

The Bank of Russia has been the administrator of the RUONIA benchmark rate since May 2020. The fact that the regulator acts as the administrator of an interest rate benchmark is in line with global trends. Central banks administering interest rate benchmarks include, among others, the US Federal Reserve System, the European Central Bank, the Bank of Japan, the Bank of England, the Bank of Canada, and the Reserve Bank of Australia.

При использовании материала ссылка на Пресс-службу Банка России обязательна.

25.12.2020 10:17:12