Citi is to start offering clients direct market access (DMA) and algorithmic trading options on the Moscow Exchange securities market.
The bank is taking advantage of the recent improvements to the market structure, connectivity and interoperability of the Moscow Exchange which has invested considerable funds in a state-of-the-art technology platform. The Exchange has migrated to T+2 trade settlement and has established central clearing, as well as a centralised trade depository, making it ready for the new global regulatory regime coming into force under legislation such as Dodd Frank and the European Market Infrastructure Regulation (EMIR).
“We are delighted to be able to bring electronic trading and DMA on the Moscow Exchange to our clients,” said Andrew Thompson, Citi’s head of equities for Europe, the Middle East and Africa (EMEA).
“The exchange has recently introduced a series of structural enhancements which have significantly improved the trading and settlement process in this market. We have been thoroughly preparing our platform for these changes and are pleased to be one of the first brokers to offer electronic trading on this venue to clients,”
Andrey Shemetov, deputy chief executive officer (CEO) of Moscow Exchange commented: “Our migration to T+2 marks a new phase of Moscow's integration into the group of the main global financial centres. Investors from around the world can now trade Russian assets directly in a more convenient way.
“As we look ahead our key objectives are to further modernise our infrastructure, broaden our product offering and increase liquidity across our markets.”