Moscow Exchange (MOEX) has announced its plans to admit 77 more stocks to its listings on the platform. The new additions will include stocks from popular firms like JPMorgan Chase, Pinterest, MSCI, and Robinhood.
According to the exchange, the plan is to unveil and allow investors to trade on the stocks from September 1, 2021.
Increased demand for international securities
The development means that Moscow Exchange will now have 281 shares and depository receipts of foreign issuers on the trading platform.
MOEX admits it wants to ensure that more international securities are available for trading in the future. The exchange said it was necessary as the demand from clients, asset managers, brokers, and banks has increased.
Trades to be settled in Russian Rubles
MOEX rolled out its international equities trading in August last year, with the securities traded during the normal and after-hours trading sessions.
But while the dividends are based on the currency of the issuer, (in USD for American securities), all trades will be settled in Russian rubles.
The exchange, which is the largest in Russia, says the addition of the shares is in line with its goal of adding more international securities.
More investors move to American stocks
Increased activities for shares of US-based companies have increased in the Moscow exchange platform, contributing massively to a double-digit yearly increase in the platform’s quarterly activities.
The companies are drawn from various industries and consist of many American companies. They are from industries like software development firms, insurance, manufacturing, as well as pharmaceuticals. The majority of these firms had their first listings on the New York Stock Exchange (NYSE).
Earlier, the Moscow Exchange added some of the most liquid shares within the S&P 500 Index such as Wells Group, Citigroup, and American Express.
MOAX’s robust infrastructure will be used to settle trades on the platform. The infrastructure includes using the central securities depository (NSD) for record-keeping and settlement via a qualified central counterparty.