Micex-RTS, Russia's newly merged stock and derivatives exchange operator, has enjoyed a jump in liquidity since pooling its competing dollar/rouble currency contracts, as Russian banks provide investors exposure to its oil-driven currency.

The exchanges, which announced their intention to merge nearly a year ago, completed their tie-up at the end of December. As of the end of February, total turnover on the combined FX platform had reached RUB1.4 trillion ($47bn), the exchange said today. Otkritie Bank, already the largest cash dealer on Micex and RTS, was the largest currency trading member by volume.