Outsourced FX markets connectivity services provider FXecosystem Inc has today announced that it has extended its network by adding connectivity to Moscow Exchange (MOEX).
This latest development from FXecosystem means that banks and brokers can benefit from having a single FX connectivity provider in London, New York and Moscow, resulting in reduced latency and generating cost efficiencies. It ensures that banks and brokers with connectivity in London or New York wanting to trade rubles can access Moscow Exchange quickly and efficiently.
James Banister, CEO of FXecosystem commented, “Our expansion to include the Moscow Exchange is part of our strategy to widen our network as we continue to grow in order to lead the market in terms of seamless FX connectivity. It also underlines our focus on offering scalability for clients as they expand into key FX markets. By extending our ecosystem, we continue to change how the market connects, replacing the need for multiple leased lines to multiple counterparties.”
Igor Marich, Head of FX at MOEX, said, “We are delighted to be partnering with FXecoystem. Moscow Exchange is the leading exchange in Central and Eastern Europe, with the world’s most liquid cash FX platform for ruble currency pairs. MOEX’s FX market records RUB/USD trading volumes of more than USD 20 billion every single day, with other liquid pairs such as RUB/EUR and RUB/CNY also available.
“Through its clearing centre, MOEX acts as the central counter-party to handle risk. With the ability to access our FX market through local execution brokers as well as international clearing members, FXecoystem’s clients now have direct access to this liquidity pool.”