Foreign Clearing Members on MOEX FX Market Must Own $1 Bln Worth of Assets
- The Moscow Exchange released its requirements for foreign financial companies willing to become clearing members on the FX market revealing firms have to own $1 bln worth of assets or have over $370 million capital.
According to information released by the leading Russian Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, foreign financial companies willing to become Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term members on Moscow Exchange's FX Market must have own assets of at least $1 billion (RUB 50 billion) or capital of at least RUB 20 billion ($370 million).
Russian and foreign regulated entities are able to provide clearing services to brokers, banks, companies and individuals starting from December 1st by becoming a General Clearing Member of the Moscow Exchange.
The company’s money market managing director, Igor Marich, stated, ”This will allow global banks to become international clearing members and to provide their clients with access to Moscow Exchange's FX Market.”
The move happens at a time when Russian authorities are facing increasing pressure on the Russian ruble, which has been marking substantial declines in the past couple of weeks. It is remaining on track to close near seven percent lower against the US dollar this week after the Bank of Russia’s intervention efforts failed to stem the currency’s free-fall.
Earlier this week, members of parliament accused the central bank of failing its mandate to maintain a stable Russian ruble and filed a complaint with the prosecutor’s office.
According to information released by the leading Russian Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, foreign financial companies willing to become Clearing Clearing Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Clearing is a general term that simply means many different things depending on the subject and related industry. Most commonly, this refers to the reciprocal exchange between banks of checks and drafts, and the settlement of the differences, or the total of claims settled at a clearinghouse. In finance and banking, the word clearing has different meanings depending on the more specific business model. Moving checks from the bank where they were deposited to the bank on which they were drawn. Th Read this Term members on Moscow Exchange's FX Market must have own assets of at least $1 billion (RUB 50 billion) or capital of at least RUB 20 billion ($370 million).
Russian and foreign regulated entities are able to provide clearing services to brokers, banks, companies and individuals starting from December 1st by becoming a General Clearing Member of the Moscow Exchange.
The company’s money market managing director, Igor Marich, stated, ”This will allow global banks to become international clearing members and to provide their clients with access to Moscow Exchange's FX Market.”
The move happens at a time when Russian authorities are facing increasing pressure on the Russian ruble, which has been marking substantial declines in the past couple of weeks. It is remaining on track to close near seven percent lower against the US dollar this week after the Bank of Russia’s intervention efforts failed to stem the currency’s free-fall.
Earlier this week, members of parliament accused the central bank of failing its mandate to maintain a stable Russian ruble and filed a complaint with the prosecutor’s office.