Moscow Exchange welcomes GV Gold to its FX and Precious Metals Markets
In July 2020, GV Gold became a member of MOEX’s FX and Precious Metals Markets.
With direct access to the Precious Metals Market, GV Gold will explore new opportunities in selling gold and converting foreign currency at market rates, benefitting from the on-exchange market’s strong liquidity, transparent pricing and reliability of the central counterparty.
Igor Marich, Moscow Exchange Executive Board Member and Managing Director for Sales and Business Development, commented:
"Moscow Exchange’s Precious Metals Market provides unrivalled opportunities to approach a wide range of counterparties. Banks are traditionally key partners and trading participants on the Exchange. Retail investors, whose number on MOEX is now more than 5.3 million, have a growing interest in deliverable gold, which has always been considered a defensive asset. MOEX’s infrastructure is now more widely used in precious metals transactions with non-residents, notably following the introduction of the trading link with London’s largest liquidity providers and the acquisition of clearing member status with the Shanghai Gold Exchange by MOEX. We are pleased to see that more and more gold producers appreciate the benefits of on-exchange trading and are joining MOEX."
Sergey Gostev, Deputy CEO for Economics and Finance at GV Gold, added:
"We see our membership with Moscow Exchange as a way to receive data on gold quotations and use the FX Market service at the minimum fee to efficiently execute operations."
Moscow Exchange launched the Precious Metals Market in 2013. Fifty-nine professional market participants including three gold miners now have access to the market. Market participants execute spot trades and swaps in gold and silver with the central counterparty (CCP NCC).
Company Profile
GV Gold (Vysochaishy, PJSC) is one of the fastest growing Russian gold mining companies. It develops open pit deposits and washes gold at the country’s largest alluvial deposit. In 2019, its assets produced 260 koz of gold.
GV Gold’s key operating assets are located in the Irkutsk Region and the Republic of Sakha (Yakutia). The Company operates four mines with a total capacity of 8 Mtpa of ore and holds 20 mining and exploration licenses. GV Gold boasts an extensive resource base, with JORC reserves and resources estimated at 4.4 Moz and 7.0 Moz, respectively.
The Company adheres to high corporate governance standards and has a transparent ownership structure, with BlackRock among its shareholders (17.99%).
MOEX operates Russia’s main trading platform for currencies, money market instruments, equities, bonds, derivative instruments and commodities. The Group includes the central securities depository (National Settlement Depository) and a clearing center (National Clearing Centre), performing the functions of central counterparty on the markets, which allows MOEX to offer its clients a full range of trading and post-trading services. The company’s free float stands at 62.8%.