Bank of China Takes New Leaps to Enhance China-Russia Co-operation
Monday,13/10/2014|17:15GMTby
Adil Siddiqui
Two leading players from the BRICS have extended their business co-operation. Bank of China and the Moscow Exchange have signed a memorandum of understanding as they strengthen their financial markets partnership.
After record trading activity in the Yuan-Ruble market in September, a leading financial institution from China has reported that it is co-operating with Russia’s main financial cash and derivatives Exchange . The Moscow Exchange (MOEX) and Bank of China have signed a cooperation agreement aimed at expanding collaboration between the Russian and Chinese financial markets.
The landmark collaboration follows on from increased volumes in the benchmark CNY RUB contract, coupled with recent news from the BRICS Summit which saw leaders of the five nations plan a new development bank. Bank of China President Chen Siqing and Moscow Exchange CEO Alexander Afanasiev signed the agreement during an official visit between the Chinese and Russian Prime Ministers.
"This bilateral agreement on strategic cooperation between Bank of China and Moscow Exchange will help to expand Clearing and settlement transactions in our countries' national currencies. Bank of China and Moscow Exchange will implement the projects outlined in the agreement, as well as expand the existing CNY product line. Bank of China (Eluosi) in Russia, with support from the head office, will continue its cooperation with Moscow Exchange," said the CEO of Bank of China Zhao Lianjie.
The Chinese-Russian friendship took heed in 2010 when Bank of China became a market maker on the CNY RUB contract, since inception the contract has gradually increased its position as a leading hedging instrument on the exchange. Over 50 Chinese banks are registered in Russia to offer special-purpose accounts for Yuan transactions. The Chinese Renminbi has seen an overall increase in its global ranking according to the last BIS FX Survey issued in 2013.
MOEX reported that in September the total CNY/RUB trading volume increased 60% month-on-month to $1.06 billion, a record monthly figure. The average daily trading volume in September set a record at $53 million. The exchange also reported that one hundred and thirty members executed yuan trades in 2014.
Alexander Afanasiev, CEO, MOEX
"The cooperation agreement between Moscow Exchange and Bank of China will take our collaboration to a new level, helping to develop the Russian and Chinese capital markets. Together we plan to create new products, including derivatives instruments. Moscow Exchange and Bank of China will work together on programmes that will allow Russian and Chinese investors to use a wider array of financial instruments denominated in the Russian ruble and the Chinese yuan.
This will help us to meet demand from our clients, who are increasingly using these national currencies for international trade and on global financial markets. Growing CNY trading volumes on the Moscow Exchange are further evidence of this, " said Moscow Exchange CEO Alexander Afanasiev in a statement.
Bank of China’s President Chen Siqing, visit coincides with China’s Premier Li Keqiang visiting his BRICS counterpart, during his stay Mr Keqiang signed a new deal with Russia which will enhance the two countries cooperation on various areas which include energy and a currency swap which is valued at $25 billion. The move gives Moscow some comfort from the hurdles it faces from the ongoing pressure from the EU and US on the Ukraine conflict.
After record trading activity in the Yuan-Ruble market in September, a leading financial institution from China has reported that it is co-operating with Russia’s main financial cash and derivatives Exchange . The Moscow Exchange (MOEX) and Bank of China have signed a cooperation agreement aimed at expanding collaboration between the Russian and Chinese financial markets.
The landmark collaboration follows on from increased volumes in the benchmark CNY RUB contract, coupled with recent news from the BRICS Summit which saw leaders of the five nations plan a new development bank. Bank of China President Chen Siqing and Moscow Exchange CEO Alexander Afanasiev signed the agreement during an official visit between the Chinese and Russian Prime Ministers.
"This bilateral agreement on strategic cooperation between Bank of China and Moscow Exchange will help to expand Clearing and settlement transactions in our countries' national currencies. Bank of China and Moscow Exchange will implement the projects outlined in the agreement, as well as expand the existing CNY product line. Bank of China (Eluosi) in Russia, with support from the head office, will continue its cooperation with Moscow Exchange," said the CEO of Bank of China Zhao Lianjie.
The Chinese-Russian friendship took heed in 2010 when Bank of China became a market maker on the CNY RUB contract, since inception the contract has gradually increased its position as a leading hedging instrument on the exchange. Over 50 Chinese banks are registered in Russia to offer special-purpose accounts for Yuan transactions. The Chinese Renminbi has seen an overall increase in its global ranking according to the last BIS FX Survey issued in 2013.
MOEX reported that in September the total CNY/RUB trading volume increased 60% month-on-month to $1.06 billion, a record monthly figure. The average daily trading volume in September set a record at $53 million. The exchange also reported that one hundred and thirty members executed yuan trades in 2014.
Alexander Afanasiev, CEO, MOEX
"The cooperation agreement between Moscow Exchange and Bank of China will take our collaboration to a new level, helping to develop the Russian and Chinese capital markets. Together we plan to create new products, including derivatives instruments. Moscow Exchange and Bank of China will work together on programmes that will allow Russian and Chinese investors to use a wider array of financial instruments denominated in the Russian ruble and the Chinese yuan.
This will help us to meet demand from our clients, who are increasingly using these national currencies for international trade and on global financial markets. Growing CNY trading volumes on the Moscow Exchange are further evidence of this, " said Moscow Exchange CEO Alexander Afanasiev in a statement.
Bank of China’s President Chen Siqing, visit coincides with China’s Premier Li Keqiang visiting his BRICS counterpart, during his stay Mr Keqiang signed a new deal with Russia which will enhance the two countries cooperation on various areas which include energy and a currency swap which is valued at $25 billion. The move gives Moscow some comfort from the hurdles it faces from the ongoing pressure from the EU and US on the Ukraine conflict.
ASX Faces $150M Capital Charge After Scathing Inquiry Finds Years of Neglect
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
