Moscow Exchange (MOEX), the largest Russian Exchange group, has further expanded trading services with international stocks as it announced on Friday the addition of 29 new foreign company shares.
All the newly added company stocks are listed on United States-based stock exchanges. The list includes financial mammoths, like American Express, Citigroup and Wells Group to some of the foreign companies listed in the US, like JD.com.
The new batch of foreign company stocks can be up for trading on the Russian exchange from July 1, 2021.
Adding Popular Stocks
MOEX first started offering US stocks in August 2020. Then, it added some of the company stocks that are in demand around the world due to their performance and brand value.
The Russian platform aggressively expanded its offering with foreign company stocks and has further plans of expansion based on the demand from brokers, asset managers and banks, and now lists 173 such foreign stocks.
These international stocks are settled in the Russian ruble, and dividends are set in the currency of the issuer. Also, non-institutional investors will be able to submit a Form W-8 to check their eligibility for a reduction or exemption from tax on the dividends paid.
Meanwhile, trading demand on the Moscow Exchange remained positive last month. Finance Magnates earlier reported that the total trading volume on the exchange for the month of May came in at RUB 73.3 trillion, which was a 22.5 percent jump year-over-year. The upward momentum of the demand has been maintained for several months now.
Additionally, MOEX exchange recently acquired a 70 percent stake in INGURU, an e-commerce platform provider offering banking and insurance products. It has plans to increase its stake to 100 percent in the next five years.
