New Market and Initial Contracts
On October 7, 2025, the St. Petersburg Exchange announced the launch of trading on its new platform, SPB Future. This marks the first fully developed derivatives market segment in Russia, providing investors with access to cash-settled futures on international indices and digital assets.
The initial set of instruments includes contracts based on the indices of Brazil, India, China, and Saudi Arabia, as well as a futures contract on the SPB Exchange’s own shares (SPBE_191225) and a cash-settled bitcoin index futures contract with the ticker BTCUSD_17J25.
According to the Exchange, all instruments available on the SPB Future platform are cash-settled, meaning there is no physical delivery of the underlying asset. This structure simplifies trading and reduces both regulatory and infrastructure complexity.
Access and Trading Conditions
Trading on SPB Future is available Monday through Friday, from 10:00 a.m. to midnight Moscow time.
Only qualified investors who have confirmed their status and opened an account with a broker accredited by the St. Petersburg Exchange are eligible to trade.
To encourage participation at launch, the Exchange has waived exchange and clearing fees until November 30, 2025. After this date, fees will apply in accordance with the established rate schedule.
All futures contracts on the platform are non-deliverable: upon expiration, participants settle the difference between the opening and closing prices. This allows investors to benefit from movements in the cryptocurrency market without having to hold digital assets or face the operational risks associated with crypto exchanges.
The BTCUSD_17J25 Contract
The BTCUSD_17J25 contract tracks the performance of the bitcoin index (BTCUSD) and allows investors to open both long and short positions. The Exchange notes that tax obligations related to transactions with this instrument arise only when a position is closed, which simplifies reporting for investors.
This product is part of the Exchange’s broader strategy to develop Russia’s derivatives market and represents the first legal way to gain exposure to cryptocurrency price movements through a regulated trading infrastructure.
Market Outlook and Significance
The launch of bitcoin futures marks an important milestone in the evolution of the Russian derivatives market. The SPB Exchange plans to further expand its range of instruments, adding new international and domestic underlying assets.
According to Exchange representatives, the SPB Future platform was designed from the outset with the flexibility to introduce perpetual contracts and other advanced financial instruments in the future.
The introduction of a cash-settled bitcoin futures contract on a regulated Russian exchange provides investors with a legal and transparent means to engage in cryptocurrency-based strategies while minimizing infrastructure and compliance risks. This development represents an important step toward integrating digital assets into Russia’s traditional financial system.
