Trading and Clearing members separate statuses

On December 1, 2014 Moscow Exchange FX Market launched new innovation: trading and clearing members are to be given separate statuses in a move aimed at attracting new member categories to the market.

The new initiative means that FX Market trading members are no longer required simultaneously to be clearing members and vice versa. Clearing members which are not trading members will be called "General Clearing Members", i.e. clearing members which have the right to act as clearing brokers.

Under the new scheme, trading members will place orders and make deals, while clearing members will be parties to deals and settle resultant liabilities. The status separation will be introduced by issuing separate registration codes to clearing members (ClearingFirmID) and trading members (FirmID). Trading members will place orders indicating settlement codes tied to a clearing member"s ClearingFirmID.

Access to trading without access to clearing services can be obtained by providing the exchange with confirmation of a settlement code provided by a General Clearing Member for indication on orders. Becoming a General Clearing Member requires providing the National Clearing Centre with the name and ID of a trading member which has the right to place orders with their settlement code indicated.