On 20 December 2016, London-headquartered ICBC Standard Bank Plc will become the first UK bank to obtain clearing membership on Moscow Exchange’s FX Market.
The membership allows ICBC Standard to trade using Sponsored Market Access (SMA) provided by Moscow-based trading member ICBC Bank, and clear and settle trades itself.
Igor Marich, Moscow Exchange’s Managing Director of Money & FX Markets, said:
The increasing number of international clearing members on Moscow Exchange demonstrates the growing interest in the Russian financial market. We expect this will help boost liquidity and increase FX Market turnover. ICBC Standard Bank’s clearing membership will provide a welcome boost to RMB instruments traded on Moscow Exchange.
Non-resident companies were first allowed to apply for clearing membership on Moscow Exchange in December 2014. To be eligible for clearing membership, a company must meet stringent financial criteria and be regulated by its relevant local authorities. Non-resident clearing members can trade on Moscow Exchange’s FX Market using SMA through a local Russian trading member.