National Foreign Exchange Association

The National Foreign Exchange Association is a non-commercial association of commercial banks, currency exchanges, brokerage firms, and others dedicated to the development and improvement of a high standard foreign exchange market and money market in Russia. Founded in Moscow in 1999, the association had 74 members as of 2005.^[1] Among other activities, the National Foreign Exchange Association coordinates with the Bank of Russia in daily setting the Russian Overnight Index Average (Ruonia), which operates similarly to the European Eonia.^[2][3]

In 2010, members of the National Monetary Association were 69 financial organizations,^[4] including

• Commercial banks:
  • ABN AMRO
  • Alfa-Bank
  • Bank of Moscow
  • Gazprombank
  • ING-Eurasia and others
  • JPMorgan Chase
  • Raiffeisen Zentralbank
  • Sberbank of Russia
  • VEB.RF
  • VTB Bank
• Currency exchanges, including MICEX
• Brokerage firms, bank associations and other organizations.^[5]