On 19 April 2018, Moscow Exchange signed a Memorandum of Understanding (MOU) with Shanghai Gold Exchange (SGE). The agreement aims to promote cooperation between China and Russia in the sphere of gold exchange trading.
The signing ceremony with Igor Marich, Managing Director of Money and Derivatives Markets, member of MOEX Executive Board, and Song Yuqin, Vice President of Shanghai Gold Exchange, took place as part of the third annual "Global Gold Market Summit 2018" in Xiamen (China) organized by SGE.
MOU provides for Russian and Chinese precious metals markets and exchange products information sharing, organization of joint conferences concerning topics of gold market, training and staff exchange as well as seeking opportunities for business cooperation.
Pursuing the provisions of the agreement on Cooperation in the sphere of gold exchange trading between the Central Bank of the Russian and the People’s Bank of China signed in September 2017 this MOU sets forth the next chapter in enhancing of cross-border gold exchange trading on Chinese and Russian financial markets and development of organized precious metals market.
Moscow Exchange Group manages the sole multifunctional exchange platform in Russia for equities, bonds, derivative instruments, currencies, money market instruments and commodities including precious metals. Gold and silver spot trading was launched on MOEX in October 2013. Precious metals are delivered to trading members’ precious metal accounts opened with "National Clearing Centre" (NCC), acting as CCP responsible for clearing and settlements. NCC also oversees post-trading bullion operations in exchange’s vault. As of current moment there are 61 trading members of MOEX precious metals market: 47 banks, nd 13 investment companies (brokers for private and corporate clients) and Bank of Russia.
Shanghai Gold Exchange was established in 2002 and as of today is the largest precious metals exchange in China (trading instruments in gold, silver, platinum). In 2014 SGE opened the international board (registered in Shanghai Pilot Free Trade Zone) for foreign investors access.
