According to information released by the leading Russian exchange, foreign financial companies willing to become clearing 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.
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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.