Moscow Exchange encourages competition by ranking market makers


Moscow Exchange’s FX Market will launch a market maker ranking program on 1 July to boost liquidity of the EURUSD_TOM instrument and long dated USDRUB and EURRUB swaps.

Members will compete on the quality of their market maker operations, evaluated according to the percentage of time spreads are maintained and trading volumes. The programme provides various approaches for calculating rankings for market makers in swap and spot instruments. The number of instruments included in the program may be expanded in the event of interest from members.

Participation is based on market maker agreements, and the number of participants is not limited.

Moscow Exchange has been one of the pioneers of taking ruble liquidity into Western markets, a move spearheaded by its direct connectivity between Frankfurt, Moscow and London early last year provided by point-to-point connectivity provider TMX Atrium.

Since then, Russia’s financial markets have made tremendous steps toward the world stage, with President Vladimir Putin wanting to make the ruble comparable to major currency pairs, along with a proposed set of regulations for the domestic Russian FX market.

An interesting move by Moscow Exchange which may well result in a deal more market makers joining the fold.

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Moscow Exchange encourages competition by ranking market makers

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