Markit adds Moscow Exchange to FX trading connectivity network
London, Moscow and New York – Markit, a leading global provider of financial information services and the Moscow Exchange (MOEX), Russia's multifunctional exchange platform, today announced that Markit's FX pricing distribution hub service added MOEX to its network of trading venues, providing FX market participants worldwide cost effective trading access to one of the world"s fastest growing exchanges. MOEX's FX ruble market volumes increased 37% in 2015 and FX derivatives volumes increased 112%, driven by both on-shore and quickly rising offshore customer flows.
Markit's FX customers will benefit from plug and play connectivity to MOEX for price distribution and liquidity sourcing, as well as comprehensive post trade processing. Firms outside Russia will gain efficient access to Russian ruble trading and assured net settlement at the National Clearing Centre, Moscow Exchange Group's regulated clearinghouse. MOEX has a family of FX ruble benchmarks, including the MOEX US dollar–ruble FX fixing benchmark, for settling off-shore derivatives and recently obtained Iosco compliant status, which is expected to drive an increase in ruble trading volume by overseas players.
Igor Marich, head of FX and money markets at the Moscow Exchange, said: "Markit's solution gives the global FX community easy access to the liquidity we offer. Our FX ruble marketplace serves both domestic and international clients and is the most liquid and price attractive ruble trading platform globally. Those looking to price into the exchange or receive market data and STP will be able to take advantage of Markit"s solution."
Chris Leaver, managing director and head of business development for MarkitSERV FX, said: "MOEX is one of the fastest growing exchanges and adding it to our platform gives customers access to this important marketplace. With the connectivity solution we provide, firms can be trading with any of the more than 35 venues on our network in a matter of weeks, which is much more efficient than the typical self-build for this type of integration."
Markit's FX pricing distribution hub is a fully managed platform for pricing and liquidity sourcing for multiple FX trading channels, including all major ECNs, multi bank portals, aggregators, andsingle dealer platforms, as well as via direct APIs. Additional eFX modules can be integrated with the hub, including powerful rate construction and management, customer specific price margining, low latency credit checking and comprehensive post trade connectivity and workflow. Business intelligence is built in to provide real time and historical feedback on pricing and infrastructure performance.
For further information, please contact:
Telephone: +1 212 205 7101
Telephone: +7 495 363 3232
Notes to Editors
Markit is a leading global provider of financial information services. We provide products that enhance transparency, reduce risk and improve operational efficiency. Our customers include banks, hedge funds, asset managers, central banks, regulators, auditors, fund administrators and insurance companies. Founded in 2003, we employ over 4,000 people in 12 countries. Markit shares are listed on Nasdaq under the symbol MRKT. For more information, please see www.markit.com.
About Moscow Exchange
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 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 render the full spectrum of trading and post-trading services to its clients.
Moscow Exchange ranks among the world's top 25 exchanges by total volume of equities traded, and also among the 10 largest exchange platforms by bonds and derivatives trading. As of 1 March 2015 securities of 727 issuers are admitted to trading on the Equities and Bond market of Moscow Exchange, including securities of the largest Russian companies by market capitalization.
Moscow Exchange was formed in December 2011 as a result of a merger between Russia's two main exchange groups - MICEX Group, the oldest domestic exchange and operator of the leading securities, foreign exchange and money market platform in Russia; and RTS Group, at the time the operator of Russia's leading derivatives market. This combination created a vertically integrated public trading market across most major asset classes, which was reorganized into an open joint stock company (OJSC) and was named Moscow Exchange. Moscow Exchange held the initial public offering of its shares on 15 February 2013 (ticker MOEX).
For further information, please contact the Public Relations Department at (495) 363-3232.