Bank of America, National Association (BANA) is about to enter the Moscow Stock Exchange (MOEX) as a clearing member and will begin active trading in January 2016, MOEX announced Friday. “The Bank is in the process of finalizing necessary documentation,” said the press release.
By entering the foreign exchange, BANA, which will trade via Merrill Lynch Securities, will become the first non-resident global bank with general clearing membership on MOEX's currency market.
The New Status
MOEX began offering general clearing membership for Forex Market participants on the 1st of December 2014, provided foreign exchange market participants the opportunity to receive a new status - "General Clearing Member". This type of membership implies the separation of the trading and clearing memberships that allow Russian and foreign financial institutions to provide clearing services to trading firms and other Russian and foreign banks, companies and individuals operating on the MOEX's Forex Market.
MOEX is the largest exchange holding company in Russia and Eastern Europe, formed in late 2011 by the merger of the groups exchange MICEX and RTS. Moreover, MOEX is one of the twenty leading sites in terms of trading securities and the total capitalization of tradable shares, and is one of the ten largest derivatives exchanges.
