Moscow Exchange (MOEX) has announced the addition of new options for OTC trading in its FX service and precious metal markets. The new addition will give traders access to spot trades in G10 currencies under the prices provided by leading global banks.
MOEX is the largest cryptocurrency exchange in Russia. The announcement stated that the new addition had been made possible with its partnerships with Foreign Liquidity Providers.
The exchange also stated that the new offerings would also be made up of EUR/USD and GBP/USD swap transactions using the Request for Stream (RFS) functionality. Settlements will also be made using the exchange’s central counterparty.
Commenting on the new offerings, MOEX stated that “The new functionality will improve liquidity management and minimize credit and settlement risks by leveraging reliable exchange and settlement infrastructure.”
The exchange also noted that traders who access the new offerings would also access spot transactions at London gold market prices. They will also access XAU/USD swaps in the precious metals sector. The exchange further added that the traders would be done using the central counterparty.
“The new instruments will contribute to the diversification of sales markets and increase the efficiency of gold transactions by Russian precious metals market participants and their clients,” MOEX added.
MOEX’s Expansion Plans
On September 9, the crypto exchange stated that it would include an offering that enables the trading of foreign securities in USD. This new offering will commence on September 27. The trade of foreign securities on the exchange is currently only possible using Russian rubles.
In July, the exchange also announced plans to expand the number of foreign securities supported by the platform. The exchange planned to increase the offerings to 1000 by the end of 2022.
The company seeks to target companies based in China, Hong Kong, and European countries with this offering. However, no additional details have been provided regarding product expansion plans towards the end of this year.
The exchange’s financial results for August 2021 showed that the trading volumes increased by 5.9% compared to the previous period to reach RUB 79.7 trillion, depicting healthy gains.