MICEX Group provides access to Eurasian Economic Community Member Countries

MICEX Group provides access to Eurasian Economic Community Member Countries

27/10/09

Beginning from 2 November 2009, credit institutions – residents of the member states of the Eurasian Economic Community will be given access to trading in the Unified Trading Session on the MICEX.

In order to expand the circle of participants in the Unified Trading Session (UTS) of inter-bank currency exchanges, the MICEX is implementing a project in the on-exchange market aimed at providing access to trading in the UTS to credit institutions – residents of the member states of the Eurasian Economic Community (EurAsEC) that have joined the Agreement on Cooperation in the organization of the integrated currency market of EurAsEC member states of January 25, 2006.

As part of this project, in accordance with the decision of the Board of the MICEX of 23 October, 2009, amendments to the Rules of purchase and sale of foreign currency in the Unified Trading Session of inter-bank currency exchanges, approved by the Board of the MICEX on 16 March 2009, will come into force on November 2, 2009. Also on that date, amendments to the Rules of membership in the MICEX Currency Market Section, approved by the Board of the MICEX on 5 April, 2007, as amended on 22 October, 2007 and 16 March, 2009, will come into force.

Amendments to the above internal documents of the on-exchange currency market set out requirements for participation in trading in the UTC for banks – residents of member states of the EurAsEC and suggest that resident banks of EurAsEC member states that have joined the EurAsEC Agreement will have direct access to the MICEX currency market, i.e., they will be member of the MICEX Currency Market Section and will be able to conduct operations in the UTS by concluding transactions with The National Clearing Centre, which is the central counterparty for all transactions in the on-exchange market, both for banks – residents of Russia and for banks –residents of the EurAsEC member states.