Russia’s MOEX to Resume Early Morning FX, Evening Stock Trading in September

The Moscow Exchange (MOEX), Russia’s largest exchange group, says it is planning to resume early morning forex and evening stock trading in September.

This is part of the moves by the exchange to return to normalcy following Russia's war on Ukraine which caused disruptions across markets in the exchange.

The exchange suspended stock trading on its platform for three weeks in the days following the launch of Russia’s war on Ukraine.

MOEX noted that the early morning forex market will be opened for trading in currencies and derivatives while shares on the Moscow Exchange index will be traded in the stock market, Reuters reports.

While Russia’s main trading hour starts at 07:00 and ends at 16:00 GMT, early morning trading kicks off at 03:50 GMT while the evening session starts at 16:00 GMT.

Finance Magnates reported that the exchange's forex market relapsed in July after trading volume dropped 3% to RUB 17.3 trillion.

According to Reuters, in addition to relaunching the early morning trading session, the top Russian exchange plans to increase the trading hours of Chinese yuan before this year runs out.

This is even as the war has left Russia increasingly dependent on China to soften the impact of Western sanctions and limited access to dollars and euros.

Heat of War

With the war on Ukraine still ongoing, the Moscow Exchange despite its best efforts is still feeling the heat from the war.

On Monday, the exchange announced that from August 29th, it will halt the use of US dollar as collateral for underwriting transactions.

Earlier in the month, the exchange reduced the use of the US dollar as collateral from 25% to 50%.

In July, the exchange announced a planned suspension of trading in Japanese yen on its currency market effective from August 8.

MOEX had cited potential risks and difficulties in the Japanese yen settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term as the factor behind the decision.

Also, in its second quarter results for 2022, MOEX reported a drop of more than 24% in its income from fees and commissions.