UK-based Otkritie Capital International Ltd, which provides electronic trading and execution across several asset classes, has joined Moscow Exchange, Russia’s biggest trading market, as the first international individual clearing member, according to a MOEX statement.
By joining the Moscow Exchange as a clearing firm, Otkritie Capital is able to provide clients with access to higher liquidity, with tighter spreads than they get via offshore platforms.
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Per MOEX’s regulation, this type of membership implies the separation of trading and clearing memberships to allow foreign financial institutions to provide clearing services to non-resident banks, companies and individuals operating on the Moscow Exchange’s FX Market.
Otkritie Capital offers brokerage services spanning across equity, derivatives, fixed income, foreign exchange and commodities. Founded in 2002, the company was formerly known as Otkritie Securities Limited and rebranded to Otkritie Capital International Limited in June 2014. The firm is headquartered in London with additional offices in Moscow, Limassol and New York.
Grigoriy Kozin, Head of Prime Services at Otkritie Capital, commented: “We are delighted to get clearing membership with Moscow Exchange and especially proud to be a pioneer in this field and thereby maintain our image as an innovative company. This represents a step forward in our current work at Otkritie Capital International Limited aimed at providing our clients with the most effective access to financial markets and mitigating counterparty risk due to direct operations with market infrastructure institutions and the most reliable counterparties.”
Igor Marich, Managing Director of the FX and Money Markets, Member of Executive Board at Moscow Exchange, added: “We welcome Otkritie Capital International Ltd as an individual clearing member of our FX Market. With its new status, the company will get further opportunities to develop a pipeline of clients, increase their turnover on Moscow Exchange, mitigate risks and reduce operational costs.”