Sponsored Access to MOEX Markets
In addition to current connection options, there is now the option (but not an obligation) for clients to connect directly to the instruction processing subsystem of the Moscow Exchange. A client may have setup this direct connection, and simultaneously have a connection through the infrastructure of a trading member. The client may setup both connections and use either one to his discretion.
Brokers may order SMA logins for theirclients. Using SMA logins, clients may connect directly to the instruction processing subsystem of the Moscow Exchange. Clients may use their preferred connection – through the brokers systems (DMA), or directly to the exchange (SMA), if he obtains the relevant service from his broker.
Sponsored Market Access allows clients of MOEX Member Firms to receive direct technical access to the Moscow Exchange trading system, with trades assigned under the respective Member Firm's trading code. A client is able to give instructions to a Member Firm (the "sponsoring firm") to be executed on the market directly through the trading system (without going through the trading system of the Member Firm).
To avoid erroneous orders in the trading system, the Moscow Exchange (the "Exchange") provides sponsoring firms with risk management tools (pre trade risk checks).
SMA is available on FX, Equity and Derivatives markets from September 2018.
Sponsored Market Access provides the following advantages:
- Allows end clients (including non residents) to connect directly to the MOEX trading system.
- For the first time, allows non residents to have naked access to the Exchanges systems and avoid latency penalties from brokers infrastructure.
- Gives brokers additional risk management tools and fat finger checks for managing their clients flow, with no latency penalty.
The difference between DMA (direct market access) and SMA (sponsored market access) on the Moscow Exchange:
|DIRECT MARKET ACCESS (DMA)||SPONSORED MARKET ACCESS (SMA)|
|The Trading member's client is registered in the Trading member's broker system.||The Trading member's client is registered in the MOEX Trading System.|
|The client has login and technical access to the broker system.||The client has login and technical access to MOEX Trading system.|
|The client sends instructions to its broker via the broker system.||The client sends instructions to the Trading System.|
|The broker has login and technical access to MOEX Trading system.||The broker has separate mandatory access to the Trading System in order to receive client transactions reports.|
|Risk management (pre-trade) checks are done on the broker system level.||Risk management is partially implemented in the MOEX Trading System and potentially at the broker system level.|
|The broker's backend system receives execution reports from the broker system and the Exchange.||The broker's backend system receives execution reports from the broker system and the Exchange.|
Sponsored Market Access provides the following services:
- Low-Latency connectivity solutions
- Post Trade Drop-Copy (real time)
- Cancel on Disconnect (and drop copy disconnect)
- Additional trade protection (pre-trade risk checks)
How to connect to MOEX through SMA:
Connecting to MOEX through SMA is done by connecting through an SMA login. SMA logins may be created, or an existing trading login may be converted into a SMA login. To obtain a SMA login, a trading member must complete the relevant form below and send it to the Technical Access department of the Exchange. End clients must ask their broker to register an SMA login on behalf of them.
Application form for registering/changing a sponsored market access login on the basis of Plaza 2 protocol (in Russian)
Application form for registering/changing a sponsored market access login on the basis of FIX protocol (in Russian)
Application form for registering/changing a sponsored market access login on the basis of TWIME protocol (in Russian)
Technical Access Department:
telephone: +7 (495) 363-32-32, extension. 3377
MOEX help desk:
telephone: +7 (495) 733-9507
- SMA Service Description
- Cancel on Disconnect on the FX and Equity market
- Technical Description of SMA on the FX market
- Order routing example
- Test environment
- Info and press release on launch of SMA on the Equities Market
- Info and press release on launch of SMA on the FX Market
- Info and press release on launch of SMA on the Derivatives Market
- Description of pre trade risk checks – Equities market
- Description of pre trade risk checks – FX market
- Description of pre trade risk checks – Derivatives market
Technical Inquiries – email@example.com or firstname.lastname@example.org
Equities Market Sales Division – +7 (495) 363-3232, ext. 26027, 26029
FX Market Sales Division – +7 (495) 363-3232, ext. 26123, 26124, 26241
Derivatives Market Sales Division – +7 (495) 363-3232, ext. 26061