LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
On 24 July 2017 Russian companies not qualified as credit institutions or professional market participants became eligible to operate on Moscow Exchange’s Money Market on the same terms as banks and brokerage firms, MOEX announced earlier today.
Corporates can now place deposits with the central counterparty (CCP) at the repo market rates. NCC Clearing Bank, acting as CCP, will guarantee settlement of transactions and will match deposit orders from corporations with General Collateral Certificates-repo orders.
Alrosa, AlfaStrakhovanie, AlfaStrakhovanie-Life, Ingosstrakh, MTS, Rolf, Rusagro, T Plus Group and Phosagro are among the first corporates to place deposits via the MOEX Money Market. On the first day the companies reported deposit transactions with maturities of one day and one week totaling RUB 2.3 bln.
Igor Marich, Managing Director of the FX and Money Markets at Moscow Exchange, said:
We are successfully implementing our strategy to grant new types of clients direct access to our markets. Corporates will bring additional liquidity to the Money Market, which was previously available only to a limited pool of banks. We believe that corporates will benefit from more effective and safe placement of their funds.