Markit (Nasdaq: MRKT), a leading global provider of financial information services and the Moscow Exchange (MOEX), Russia’s multifunctional exchange platform, today announced that Markit’s FX pricing distribution hub service added MOEX to its network of trading venues, providing FX market participants worldwide cost effective trading access to one of the world’s fastest growing exchanges. MOEX’s FX ruble market volumes increased 37% in 2015 and FX derivatives volumes increased 112%, driven by both on-shore and quickly rising offshore customer flows.
Markit’s FX customers will benefit from plug and play connectivity to MOEX for price distribution and liquidity sourcing, as well as comprehensive post trade processing. Firms outside Russia will gain efficient access to Russian ruble trading and assured net settlement at the National Clearing Centre, Moscow Exchange Group’s regulated clearinghouse. MOEX has a family of FX ruble benchmarks, including the MOEX US dollar–ruble FX fixing benchmark, for settling off-shore derivatives and recently obtained Iosco compliant status, which is expected to drive an increase in ruble trading volume by overseas players.
Igor Marich, head of FX and money markets at the Moscow Exchange, said: “Markit’s solution gives the global FX community easy access to the liquidity we offer. Our FX ruble marketplace serves both domestic and international clients and is the most liquid and price attractive ruble trading platform globally. Those looking to price into the exchange or receive market data and STP will be able to take advantage of Markit’s solution.”
Chris Leaver, managing director and head of business development for MarkitSERV FX, said: “MOEX is one of the fastest growing exchanges and adding it to our platform gives customers access to this important marketplace. With the connectivity solution we provide, firms can be trading with any of the more than 35 venues on our network in a matter of weeks, which is much more efficient than the typical self-build for this type of integration.”
Markit’s FX pricing distribution hub is a fully managed platform for pricing and liquidity sourcing for multiple FX trading channels, including all major ECNs, multi bank portals, aggregators and single dealer platforms, as well as via direct APIs. Additional eFX modules can be integrated with the hub, including powerful rate construction and management, customer specific price margining, low latency credit checking and comprehensive post trade connectivity and workflow. Business intelligence is built in to provide real time and historical feedback on pricing and infrastructure performance.