The Moscow Exchange launches fixings for Coinbase, Tesla, and Amazon shares: a new tool for Russian investors
Starting July 27, the Moscow Exchange will begin calculating and publishing fixings for 23 foreign securities. The list includes shares of Coinbase, Tesla, Amazon.com, Netflix, Uber, and AMD, as well as units of the SPDR S&P 500 and Invesco QQQ exchange-traded funds, which track key U.S. indices. This step marks an important milestone in the development of the local derivatives market.
A fixing is a benchmark price reference that the exchange calculates using a unified methodology. The value is determined as the arithmetic mean of transaction prices over a 60-second period immediately preceding the calculation moment. The indicators will be published every 15 seconds during the main and additional trading sessions. Based on these values, the Moscow Exchange plans to launch derivative instruments — futures and options.
Why this matters for the Russian market
The launch of fixings expands the range of instruments on a platform cut off from direct access to Western markets. It opens a path for Russian investors to bet on the dynamics of foreign securities without purchasing the shares themselves. The presence of Coinbase is particularly telling: through derivatives tied to this fixing, participants will gain access to the dynamics of the largest U.S. crypto exchange within the local infrastructure.
The emergence of new instruments coincides with a revival in the market. On July 22, the Moscow Exchange index exceeded 2,140 points, gaining 2.96% amid geopolitical signals. The short-term rise was an attempt to break a record 19-week losing streak. Against this backdrop, the launch of fixings appears as a step toward expanding opportunities for investors weary of the prolonged downturn.
However, the effect should be assessed cautiously. Derivatives on foreign securities are a niche instrument, and their impact on the broader market will depend on demand and how the platform structures trading in futures and options. As an analyst, I see this as a positive signal for diversification, but not a driver for a massive capital inflow. The key question is liquidity: without it, even the most innovative fixings will remain mere statistics.