ICBC Standard Bank joins Moscow Exchange as an International Clearing Member
On 20 December 2016, London-headquartered ICBC Standard Bank Plc ("ICBC Standard") will become the first UK bank to obtain clearing membership on Moscow Exchange"s FX Market.
The membership allows ICBC Standard to trade using Sponsored Market Access (SMA) provided by Moscow-based trading member ICBC Bank, and clear and settle trades itself.
Igor Marich, Moscow Exchange"s Managing Director of Money & FX Markets, said:
"The increasing number of international clearing members on Moscow Exchange demonstrates the growing interest in the Russian financial market. We expect this will help boost liquidity and increase FX Market turnover. ICBC Standard Bank"s clearing membership will provide a welcome boost to RMB instruments traded on Moscow Exchange."
Non-resident companies were first allowed to apply for clearing membership on Moscow Exchange in December 2014. To be eligible for clearing membership, a company must meet stringent financial criteria and be regulated by its relevant local authorities. Non-resident clearing members can trade on Moscow Exchange"s FX Market using SMA through a local Russian trading member.
ICBC Standard Bank is a leading financial markets and commodities bank operating across both developed and emerging economies. ICBC Standard Bank Plc was formed in February 2015 when Industrial and Commercial Bank of China Limited (ICBC) acquired a 60% stake in Standard Bank Plc"s Global Markets business. As a result, a compelling strategic platform was formed, one that benefits from a unique Chinese and African parentage and an unrivalled global network and level of expertise.
ICBC Standard Bank Plc is a strategic platform for serving the growing demands of our clients in Global Markets products. We specialise in global commodities, fixed income, currencies and equities.
Headquartered in London, ICBC Standard Bank Plc also has operations in Dubai, Hong Kong, Shanghai, Singapore, New York and Tokyo.
Moscow Exchange Group (ticker: MOEX) manages Russia's main exchange platform for equities, bonds, derivatives, currencies, money market instruments and commodities. The Group includes Russia's central securities depository (National Settlement Depository) and a clearing centre (National Clearing Centre) that performs the functions of central counterparty on all markets, allowing Moscow Exchange to offer its customers the full spectrum of trading and post-trade services.
Moscow Exchange ranks among the world's top 25 exchanges by total volume of equities traded, and among the five largest exchange platforms for bond trading and for derivative trading. As of 1 November 2016 securities of 691 issuers were admitted to trading on Moscow Exchange"s Equities & Bonds Market.
For further information, please contact the Public Relations Department at (495) 363-3232.