MoEx Sova Capital becomes first international ICM

moex moscow exchange

Sova Capital announced earlier today that it has become the first international Individual Clearing Member firm on the Moscow Exchange (MOEX)’s Derivatives and FX Markets.

Collateral can now be held by an international entity directly at the CCP, removing the credit risk exposure to Russian clearing brokers, and has been designed with the FCA’s Client Asset Segregation rules in mind.

Grigoriy Kozin, Head of Prime Services at Sova Capital, commented:

As the No. 1 ranked participant on MOEX’s Derivatives Market (2019), we are proud to be the first individual ICM and are confident that this innovation brings significant value to our clients. It also demonstrates the positive steps that the Moscow Exchange has taken to accommodate a wider international client base. In addition, we look forward to becoming an Individual Clearing Member on MOEX’s Equity Market later on in the year when this becomes available.

Igor Marich

Igor Marich, MOEX

We welcome Sova Capital as the first International Clearing Member on our Derivatives Market. The opportunity to clear trades internationally, directly against the National Clearing Centre, lowers both the risk and costs of trading on MOEX’s markets. This model was implemented first at MOEX in FX and will be extended to Equities, Bonds and the Money Market in the summer, meaning all MOEX markets will have an option of remote clearing membership with the same design”, added Igor Marich, FX and Money Market Managing Director at Moscow Exchange.

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