Bank of America
Merrill Lynch is set to join Moscow Exchange’s FX market as a clearing firm.
Moscow Exchange says
BAML “is in the process of finalising necessary documentation and will begin
active trading in January 2016”.
It will trade in the
name of Merrill Lynch Securities, which is a current trading firm on
Moscow Exchange and become the first non-resident bank with general
clearing membership on Moex’s FX market.
The exchange began
offering general clearing membership for FX market participants
from 1 December 2014. A split membership category separates trading
and clearing memberships to allow Russian and foreign financial institutions to
provide clearing services to trading firms and other Russian and foreign banks,
companies and individuals.
Colin_lambert@profit-loss.com Twitter @lamboPnL