<p><span>One of the many knock-on effects of events in Russia is that the Moscow Prime Offered Rate (MosPrime), used by firms across the world as a reference rate for ruble-denominated interest rate derivatives, is no longer available via Refinitiv. Instead, the rate will be published by the benchmark’s administrator, Russia’s <a href="http://mosprime.com/news/mosprime-1503eng">National Finance Association</a> (NFA). As MosPrime isn’t ceasing publication, you might think this shouldn’t be an issue – and it wasn’t for those trades referenced to the 2021 ISDA Interest Rate Derivatives Definitions. For transactions using the 2006 ISDA Definitions, however, it did pose some unhelpful complexity, drumming home why all market participants should shift to the 2021 iteration.</span></p>
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