MOEX Expands FX Offering, Adds FX Instruments and Liquidity

The new instruments are the exchange’s efforts to boost FX opportunities for market participants.

The Moscow Exchange (MOEX) announced this Monday that it is expanding its foreign exchange (forex) opportunities, as well as boosting liquidity, for market participants by adding new instruments and services on its FX Market this Monday.

The new financial instruments and services will be introduced today, the April 22. Specifically, the new offering includes a pilot USD/RUB order book, new instruments for the Japanese yen/Russian ruble (JPY/RUB) currency pair, and new currency pairs – USD/CNY and USD/TRY will be added to the global over-the-counter (OTC) liquidity access project.

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Furthermore, MOEX will introduce matching at the weighted average USD/RUB FX rate, which will correlate to the Bank of Russia’s official rate, the statement said. This will allow clients of MOEX, which includes banks and brokers, to execute currency exchange transactions and sell foreign currency.

MOEX to Stimulate On-Exchange FX Liquidity

“To stimulate on-exchange FX liquidity, advance the matching techniques and evaluate their impact on market liquidity, the experimental USD/RUB order book will be launched,” the statement said.

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“The minimum lot size will be USD 1 million. The simulated random delay of 2-5 ms will be applied at order entry to eliminate arbitrage between technical access of different trading members. ‘Cancel’ transactions will not be delayed.”

The is not MOEX’s first attempt at bolstering liquidity on the exchange. As Finance Magnates reported in November of last year, the company partnered with Integral Development Corp., a technology provider for the forex market to boost liquidity.

Trading of the JPY/RUB currency pair will also be enhanced, as the Russian exchange will add instruments with deferred settlement (T+1) and an overnight TODTOM swap.

Furthermore, the exchange said: “MOEX’s initiative to facilitate access to global OTC liquidity for FX Market participants will be expanded to include two new currency pairs, USD/CNY with settlement on T+2 and USD/TRY with settlement on T+1, along with already available EUR/USD and GBP/USD. OTC service connectivity has also been improved to provide a connection via the globally used FIX protocol applied on all MOEX’s markets.”

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