On December 10, 2012 eleven non-credit organizations, that are licensed professional securities market participants, joined the number of the Moscow Exchange FX Market Trading Members. The organizations include ATON LLC, BK-REGION LLC, OTKRITIE Brokerage House OJSC, VELES Capital IC (LLC), BCS Company (LLC), Renaissance-Broker LLC, Renaissance Online LLC, RICOM TRUST IC (CJSC), TKB Capital CJSC, Uralsib Capital – Financial Services LLC, FINAM CJSC.
The opportunity to access the Moscow Exchange foreign currency trading that the non-credit organizations enjoy is not only one of the main achievements that targeted the increase in number of the FX Market Trading Participants, but also a significant incentive to foster the Russian regulated currency market. Igor Marich, Managing Director of Money Market Business Section, mentioned that the direct access would let brokers reduce costs and operational risks; therefore, they could offer the services of higher quality to their clients at a more reasonable price. Besides, new participants will add to the Market liquidity. In the future, the integrated participation in trading on the Exchange"s markets will headway establishing the unified margin requirements and will lead to an easy access to foreign currency trading.
In February 2012, the full-fledged client access was launched in the Moscow Exchange that resulted in a considerable growth of Trading Members" activity. The total amount of trades on the FX market for 11 months exceeded RUB106 trillion, up 37% versus last year. In November 2012, the number of clients of different types (residents, non-residents, Russian and foreign brokers, individual persons) reached 3000. The share of FX Market client operations equaled 12% in total (21% in spot operations). The total volume of the Moscow Exchange FX Market client operations for 11 months of 2012 reached RUB11.3 trillion.
No doubt, the access to foreign currency trading that has been opened for non-credit professional securities market participants will boost the liquidity growth, as more new participants and their clients are joining the market.
