Markit Strengthens FX Connectivity Hub with Addition of MOEX

The symbiotic deal helps integrate MOEX's growing FX market.

Markit, a specialist in financial information services, has welcomed the Moscow Exchange (MOEX) to its foreign exchange (FX) trading connectivity network, which includes a number of leading trading venues worldwide, according to a Markit statement.

MOEX is Russia’s leading multi-asset exchange platform, which upon joining Markit’s FX network will gain access to its competitive pricing distribution hub service, in essence granting MOEX’s FX market participants cost effective trading access to Markit’s hub. Markit’s FX pricing distribution hub constitutes a fully managed network for pricing and liquidity sourcing across myriad FX trading channels, which encompasses a variety of ECNs, multi bank portals, aggregators and single dealer platforms.

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The integration with Markit follows on the heels of MOEX’s growing FX performance in 2016, which had already built off a strong YoY growth in terms of the FX ruble market. The venue’s FX market turnover has increased in each month of 2016, building on three straight months of solid growth.

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Mutual Benefits

The accord is important for both groups, as Markit’s FX customers will gain several benefits, including streamlined connectivity to MOEX’s price distribution, post-trade processing, and liquidity sourcing. By extension, international firms operating outside of Russia will be afforded transparent access to ruble trading and net settlement at the National Clearing Centre, MOEX’s regulated clearinghouse.

According to Igor Marich, Head of FX and Money Markets at the MOEX, in a recent statement on the addition: “Markit’s solution gives the global FX community easy access to the liquidity we offer. Our FX ruble marketplace serves both domestic and international clients and is the most liquid and price attractive ruble trading platform globally. Those looking to price into the exchange or receive market data and STP will be able to take advantage of Markit’s solution.”

“MOEX is one of the fastest growing exchanges and adding it to our platform gives customers access to this important marketplace. With the connectivity solution we provide, firms can be trading with any of the more than 35 venues on our network in a matter of weeks, which is much more efficient than the typical self-build for this type of integration,” reiterated Chris Leaver, Managing Director and Head of Business Development for MarkitSERV FX in an accompanying statement.

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