MOEX to Launch Direct Rouble Trading with Japanese Yen and Turkish Lira

Moscow Exchange (MOEX), Russia’s largest institutional trading venue, has just announced that it will be expanding the opportunities of its FX market participants, adding the Japanese yen and the Turkish lira to its currency portfolio. The venue is set to launch the new instruments – TRY/RUB and JPY/RUB currency pairs - in early 2018.

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The MOEX currency family offers benchmarks for a number of currency pairs mainly thanks to its high Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term, transparency and historic foundation.

The new instruments will create further business opportunities for market participants and their clients through OTC trading of rouble non-deliverable forwards (NDF) and risk hedging. This will facilitate market liquidity, and reduce costs and risks for Russian and international participants.

In recent years, MOEX’s FX market has developed from a limited segment within the Russian interbank market to a global Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term for rouble operations. The bourse said that its new service is in demand from international clients and it also helps to promote the MOEX FX market.

Dmitry Piskulov, head of currency market development at the Moscow exchange, told Reuters that in the future “the Moscow Exchange would consider trading Vietnamese dong for roubles", adding that there were some restrictions on the instrument because of Vietnamese currency regulation.

While the Turkish lira exists largely as a regional currency, except for in certain areas of Northern Cyprus, Piskulov said that the decision to start trading the currency was driven by a “political process” and market demand, as Turkey and Russia are trading partners.

“This is the de-dollarisation of foreign trade and international economic relations,” added Piskulov.