Moscow Exchange (MOEX), the largest Stock Exchange operator in Russia, announced on Tuesday that it will further extend its offering with international investment products, adding 77 more foreign company stocks. The new stocks will be added on September 1.
The Russian exchange first gave access to foreign listed stocks in August 2020 and since then the number of such products is only increasing. With the latest addition, the stock exchange will offer a total of 281 foreign stocks.
American Stocks Are in Demand
The newly added companies include Alcoa Corp, Fox Corporation, the Hershey Company and others. They range from the pharmaceutical and manufacturing industry to insurance and software development firms. All these companies are originally listed on the stock exchanges in New York.
Earlier additions to this international offering included the most liquid shares of the S&P 500 Index like American Express, Citigroup and Wells Group.
“MOEX plans to make more international securities available for trading in future, based on demand from banks, brokers, asset managers and their clients,” the Russian exchange stated.
Russian investors can trade with these foreign stocks both in the market and after-hours trading sessions, and the settlement will be made in the Russian ruble. “Trades are settled in RUB using MOEX’s robust infrastructure, which includes a qualified central counterparty and record-keeping with the central securities depository (NSD). Dividends will be set in the currency of the issuer, i.e., in USD for American securities,” the exchange added.
Meanwhile, the trading demand on the Russian exchange is surging with increased activities among retail traders. MOEX recently reported a double-digit yearly jump in quarterly activities in almost all markets, including equities and Forex . However, its Q2 profits only gained by a marginal 2.1 percent.
