Moscow Exchange: The Integrated Currency Market Of The Eurasian Economic Community Opened
Moscow Exchange has admitted resident banks from countries of the Eurasian Economic Community, i.e. Belarus, Kazakhstan, Kyrgyzstan and Tadzhikistan, to the Exchange’s FX market.
Belarusian BPS-Sberbank was the first foreign bank to test the new functionalities of the Exchange, be admitted to trading and execute a trade on the Moscow Exchange’s FX market.
The first trades of the foreign banks on the Exchange’s market marked a successful completion of the long-term project for establishing the Integrated Currency Market for countries of the CIS and Eurasian Economic Community. An agreement on cooperation to organize the integrated currency market was signed by Russia, Belarus, Kazakhstan, Kyrgyzstan and Tadzhikistan in January 2006.
Speaking at the opening ceremony of the Integrated Currency Market in Moscow, Timur Suleimenov, Minister of Economy and Finance Policy of the Eurasian Economic Commission, said: “The success of the Integrated Currency Market project is a clear evidence that an effective cooperation has been build between interstate bodies, central, national banks and exchanges of our countries in our strive to create the unified currency area. I’d like to make a special mention of a first ever opportunity for participants to be admitted to the integrated financial market with a license of its national regulator without being obliged to obtain Russian foreign exchange license, which emerged thanks to this project”.
Andrey Shemetov, Deputy Chairman of the Executive Board of Moscow Exchange, said: “Moscow Exchange has succeeded in being the first among all exchanges across the CIS to open the direct access for foreign credit organizations to trade on the most liquid and technologically advanced currency market. We are interested in collaborating with international organizations, launching new projects for exchanges that can bring benefits not only by extending our client base, but also by facilitating effective integration and development of the Eurasian economic area”.
Vasily Matyushevsky, CEO of BPS-Sberbank (the Republic of Belarus), said: “I would like to thank Moscow Exchange for offering the unique service to us that opens up new vistas for our business. We see great opportunities and good volumes on this market”.
By Igor Marich, Managing Director of the Money Market at Moscow Exchange, banks from the countries of the Eurasian Economic Community are now enabled to be full members in all segments of the Moscow Exchange’s FX market: they can register their clients from home countries in the Exchange’s trading and clearing system and provide them with the DMA.