The Bank of Russia has confirmed that both the quality of RUONIA financial indicator and the quality of Self-Regulatory Organization National Finance Association (SRO NFA) performance as an administrator of RUONIA are satisfactory and meet the requirements set by the Bank of Russia.
The reference weighted rate of overnight ruble loans (deposits) RUONIA (Ruble Overnight Index Average) is an estimate of the cost of unsecured overnight ruble borrowing by a standard borrower, which is defined as a bank with a minimum credit risk
RUONIA calculation is performed by the Bank of Russia based on actual overnight unsecured money market transactions conducted during a given business day between the leading 30 Russian banks currently included in the RUONIA panel banks. RUONIA calculation methodology was jointly developed by SRO NFA and the Bank of Russia.
The main criteria for assessment as well as the list of required documents are determined in the Information Letter No. 06-518518, dated 30 September 2015 «On the Assessment of the Benchmark’s Quality and the Quality of Organization’s Performance Responsible for Benchmark’s». The Bank of Russia’s requirements are based on the International Organisation of Securities Commissions (IOSCO) Principles for Financial Benchmarks.
All internal documents and procedures of SRO NFA were brought into compliance with the Bank of Russia’s requirements.
SRO NFA expresses its gratitude to the members of the SRO NFA Expert Council for indicators and rates (SRO NFA EC), particularly to the Chairman of Expert Council, Mr. Sergey Shchepilov, for their expert support and contribution to the work.
SRO NFA also expresses its gratitude to the Bank of Russia stuff members for their methodological support during the preparing process for the documents, which are essential for the qualitative evaluation of this kind of activity.
If you need further information, please, do not hesitate referring to our website - www.ruonia.ru