The Moscow Exchange Group (MOEX) has just announced that in the last 11 days the number of registered FX traders jumped nearly 1.5 times from 65,000 as of January 31, 2014, to nearly 113,000 as of February 11, 2014, in the exchange’s Foreign Exchange Market business line.
The increase of 48,000 more traders in just 11 days includes companies and individuals, and is representative of the total number of clients across all MOEX exchange member firms, as explained to Forex Magnates’ reporters by the exchange’s press office today.
This nearly 73% climb was said to have been achieved due to the brokerage Finam (Finamrus.com), which had just given access to all of its customer to the FX market of the Moscow Exchange, thus causing the sudden increase.
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In its press release, the exchange stressed that such massive increases in the number of clients that were granted access to its fx market had similarly occurred in August 2014 by the brokerage house Otkritie, and in January 2014 by KIT Finance.
The news follows Forex Magnates’ coverage earlier this month, when MOEX reported lower FX trading volumes for the start of the 2014, after a stronger December, and after the group sold a stake in its MICEX division last month.
Russia has gained the attention of FX Market participants recently for a number of attractive reasons, including the expected fully free-floated Russian ruble that is expected to be implemented as the currency moves from partially floated to a more freely priced currency alongside modernly priced ones. However, on the other hand, the regulation of off-exchange FX and OTC online FX providers still remains in doubt, following a postponement of key State DUMA meetings that were expected to take place in recent months.