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Moscow Exchange expects firms to start directly trading FX in March/April
March 1, 2017 / 11:04 AM / 9 months ago

Moscow Exchange expects firms to start directly trading FX in March/April

MOSCOW, March 1 (Reuters) - Big Russian firms are expected to start direct forex trading on the Moscow Exchange in March or April, a Moscow Exchange official said on Wednesday.

“We are talking about a small number of companies, these are large exporters and importers ... we are working on the technology and documentation,” Dmitry Piskulov, head of currency market development at the Moscow exchange, said.

Large companies have had the right to directly access currency and money markets via the Moscow Exchange since January, a move designed to increase liquidity and boost the exchange’s turnover.

Until now, companies have traded currencies on the exchange via commercial banks or brokerages, paying commission on their transactions.

To trade directly, companies must have capital of at least 1 billion roubles ($17.21 million), a dedicated financial transactions department, and annual trading volumes of no less than $100 million in the past two years.

$1 = 58.0987 roubles Reporting by Elena Fabrichanaya; Writing by Andrey Ostroukh; Editing by Andrew Osborn

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