Moscow Exchange obtains status of financial platforms operator
On 27 August 2020, the Bank of Russia included Moscow Exchange in the register of oeprators of financial platforms. According to the legislation on financial platforms adopted in July 2020, all financial platforms operators must be registered with the Bank of Russia. The Exchange is the first operator to be included in the register.
This will allow Moscow Exchange to roll out its financial Marketplace, through which individuals will be able to access the offerings of different banks and financial organisations online, and to compare products and purchase them remotely. The platform will bring together consumers and providers such as banks and other financial services providers. The platform will meet the highest standards of information and data security. More than ten banks already plan to offer their products through MOEX’s Marketplace.
Deposits will be the first product offered, and will be made available in test mode in September. The platform will include all the stages of signing a contract with the bank, secure transfers of funds, as well as details of the account balance and subsequent transactions such as additional fund deposits, withdrawals and account closure. The Registrar of Financial Transactions operated by National Settlement Depository (NSD, part of Moscow Exchange Group) will register and keep records of contracts made through the platforms and all transactions on them. The project will be expanded in the future to include investment products, and later lending and insurance products.