Phosagro receives direct access to FX Trading on MOEX
PhosAgro has been granted direct access to Moscow Exchange"s FX Market. An agreement granting direct market access was signed by Andrey Guryev, CEO of PhosAgro, and Alexander Afanasiev, CEO of Moscow Exchange, on 2 June 2017 at the St. Petersburg International Economic Forum (SPIEF).
Andrey Guryev, CEO of PhosAgro, said: "We use all available tools to enhance the company"s efficiency; direct access to FX trading will help drive down currency conversion costs, benefitting us as an exporter. The company can make FX transactions both for itself and on behalf of its subsidiaries."
Alexander Afanasiev, CEO of Moscow Exchange, said: "We are delighted to welcome a new trading participant with a dominant position in a key industry of the Russian economy to our FX Market. Clear pricing, market liquidity and settlement guarantees are the main benefits of the regulated FX Market. There is no need to manage risks and set limits on counterparties. All market participants will surely benefit from the additional liquidity the new participant will bring."
From 16 January 2017, Russian legal entities not qualified as credit institutions or professional market participants have been eligible to operate on the FX Market on the same terms with banks and brokerage firms. PhosAgro is the fourth company to receive direct market access (DMA) to FX trading on MOEX. Rosneft, Alrosa and AlfaStrakhovanie gained access to the market in April.
PhosAgro is one of the leading global vertically integrated phosphate-based fertilizer producers. The Company focuses on the production of phosphate-based fertilizers, feed phosphate and high-grade phosphate rock (P2O5 content of not less than 39%), as well as ammonia and nitrogen-based fertilizers.
The Company is the largest phosphate-based fertilizer producer in Europe, the largest producer of high-grade phosphate rock worldwide and the third largest MAP/DAP producer in the world (excluding China), according to Fertecon. PhosAgro is also one of the leading producers of feed phosphates (MCP) in Europe, and the only producer in Russia.
PhosAgro has 2.1 billion tonnes of resources (according to JORC) of high quality apatite-nepheline ore. The Company's mines and phosphate rock production facilities are located in the mountainous areas of the Kola Peninsula in the Murmansk region of northwest Russia, whereas its fertilizer and feed phosphate production assets are located near the city of Cherepovets in the Vologda region and near the city of Balakovo in the Saratov region of southwest part of European Russia. PhosAgro"s 2016 IFRS revenue was over USD 2.8 bln and EBITDA was USD 1.08 bln.
Moscow Exchange Group manages the sole multifunctional exchange platform in Russia for equities, bonds, derivative instruments, currencies, money market instruments and commodities. The Group includes the central securities depository (National Settlement Depository), and a clearing centre (National Clearing Centre), performing the functions of central counterparty on the markets, which allows Moscow Exchange to offer its clients the full spectrum of trading and post-trading services.
Moscow Exchange ranks among the world's top 25 exchanges by total volume of equities traded, and among the ten largest exchange platforms for bond trading and for derivative trading. As of 1 May 2017 securities of 676 issuers including the Russia"s largest cap companies, were admitted to trading on Moscow Exchange`s Equities & Bonds Market.
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