Nordea Bank AB facilitates access to MOEX's FX Market
Nordea Bank AB, a leading bank in Northern Europe, has started automated trading on Moscow Exchange’s FX Market via Sponsored Market Access (SMA).
The SMA technology allows registered clients to trade directly on Moscow Exchange (MOEX) using a client ID received from a Russian MOEX trading member. In Nordea’s case the trading member is Nordea Bank in Russia and the SMA client is Nordea Bank’s FX operations in Copenhagen. As an SMA client, Nordea Copenhagen sends trading instructions directly to MOEX’s FX Market where orders are submitted and executed by its Russian trading member on behalf of the client. Thus, Nordea Bank in Copenhagen is effectively able to offer its automated trading clients seamless access to RUB trading on Moscow Exchange.
Igor Marich, Managing Director of the Money and Derivatives Markets at Moscow Exchange, said:
"We are delighted to offer Nordea Bank and its clients our SMA technology for trading RUB at the best available prices on our FX Market – the leading global liquidity center for RUB – through Nordea’s automated FX trading platform. SMA and international clearing membership are in high demand from non-resident clients and we plan to continue to promote these services to help ease access to FX, derivative, equity and bond trading on MOEX for this group of clients."
SMA service has been available on the MOEX FX Market since August 2015 and on the Equity & Bond Market since December 2017. MOEX plans to begin offering sponsored access for trading derivatives later this year. Currently, six members of the FX Market offer SMA-based market access to their clients. In 2017, the average daily trading volume of FX by SMA clients was more than USD 1 bln.
About Moscow Exchange
Moscow Exchange (MOEX) is the largest exchange group across Russia and Eastern Europe by trading volumes and number of clients. It was formed in 2011 through the merger of Russia’s two leading exchanges, MICEX and RTS. Today, Moscow Exchange is the main liquidity and price discovery center for Russian instruments. Moscow Exchange hosts trading in equities, bonds, derivatives, currencies, money market instruments and commodities. The Group also includes Russia's central securities depository – the National Settlement Depository – as well as the National Clearing Centre, which performs the function of central counterparty.
MOEX’s FX Market offers trading in US Dollar, Euro, Chinese Yuan, Hong Kong Dollar, British Pound, Swiss Franc, Belarus Rouble and Kazakhstan Tenge with the Russian Rouble as the base currency. The average daily trading volume is approximately USD 24 bn. Market data from the FX Market is used to calculate MOEX USD/RUB FX FIXING, which meets Russian and international (IOSCO) regulatory standards.