The Federation of European Securities Exchanges (FESE) announced excluding the Moscow Exchange from its association following a unanimous vote.
FESE said in its official statement:
The Federation of European Securities Exchanges (FESE) utterly condemns the Russian-led invasion of Ukraine. Our thoughts and unwavering support go out to the Ukrainian people.
In light of the Russian government’s actions, the FESE Board has recommended that the General Assembly vote to exclude the Moscow Exchange from the association, stripping it of FESE observer member status.
The FESE represents operators of European exchanges and other market segments such as stock exchanges, financial derivatives, energy and commodity exchanges.
The association represents 35 exchanges from 30 different countries in European Union, Iceland, Norway, Switzerland and the United Kingdom.
The decision to exclude MOEX follows some FESE members like Deutsche Boerse suspending trading and settlement in Russian securities in response to sanctions.
European Association of CCP Clearing Houses (EACH) temporarily suspended EACH Russian Member CCP NCC.
European Central Securities Depository Association (ECSDA) also joined in the sections. It said that it will vote on 9 March to terminate membership of its Russian Member, the National Settlement Depositary.
Russia’s central bank has decided to keep the Moscow Exchange closed for a fourth consecutive day.
As part of the sanctions on Russia so far, the European Union has excluded seven Russian banks from the SWIFT messaging system. As a result of the sanctions, Russia’s largest lender, Sberbank, is leaving European market.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.