May 21, 2018 / 3:31 PM / in 3 months

Moscow Exchange launches repo with 10 U.S. blue chips

MOSCOW, May 21 (Reuters) - The Moscow Exchange said on Monday it has started offering clients repo operations with 10 most liquid shares of U.S. companies listed in the United States.

Access to such repo operations, or repurchase agreement operations through the Moscow Exchange’s agent, is the bourse’s first step towards its goal of offering clients access to global stock markets.

Earlier this year, Reuters reported the Moscow Exchange was discussing giving brokers remote access to shares in 50 Western companies trading on other exchanges by the end of the year.

From May 21 onwards, the Moscow Exchange will offer repo operations in shares of Alphabet Inc (Google), Amazon , Apple Inc, Facebook, McDonald’s Corporation, Microsoft Corp., Nike, Nvidia Corp., Tesla and Twitter.

The exchange’s CEO Alexander Afanasyev has said earlier the bourse’s intention to open access to most liquid global shares was not connected with sanctions against Russia.

The new repo facility allows Moscow Exchange clients to use the U.S. listed shares as collateral in Moscow. (Reporting by Elena Fabrichnaya Writing by Andrey Ostroukh and Jane Merriman)

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