Bank of America becomes first global bank to clear on Moscow Exchange’s FX Market

Bank of America, National Association (BANA), a unit of Bank of America Corp (NYSE:BAC) is set to join Moscow Exchange’s FX Market as a clearing firm.

BANA is in the process of finalizing necessary documentation and will begin active trading in January 2016. It will trade via Merrill Lynch Securities, which is a current trading firm on Moscow Exchange. Bank of America will be the first non-resident global bank with general clearing membership on Moscow Exchange’s FX Market.

Moscow Exchange began offering general clearing membership for FX Market participants from December 2014. This type of membership implies the separation of trading and clearing memberships to allow Russian and foreign financial institutions to provide clearing services to trading firms and other Russian and foreign banks, companies and individuals operating on the Moscow Exchange’s FX Market.

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