Moscow, 19 July 2018 – Moscow Exchange (MOEX: MOEX) announces it has signed a statement of commitment to the FX Global Code, pledging to support robust, fair, liquid, open and transparent foreign exchange markets.
The FX Global Code (Global Code) is a set of global principles of good practice in the foreign exchange market, developed to provide a common set of guidelines to promote the integrity and effective functioning of the wholesale foreign exchange market. It was developed by a partnership between central banks and market participants from 16 jurisdictions around the globe.
“We endorse the FX Global Code and are committed to the highest levels of fairness and transparency,” said Igor Marich, a member of MOEX’s Executive Board and Head of the Money and Derivatives Markets.
“As the world’s largest liquidity center for the ruble, Moscow Exchange has a special responsibility to operate an open, resilient and trustworthy FX trading platform. By committing to the Global Code, we are ensuring our practices are aligned with leading international standards and our infrastructure will remain robust and reliable.”
Moscow Exchange joins more than 100 other market participants in confirming its commitment to the Global Code, including central banks, banks including Barclays, Citi, Deutsche Bank and JPMorgan Chase & Co and electronic trading platforms such as Bloomberg and Thomson Reuters. Moscow Exchange is the first Russian financial institution to commit to the Code.
Moscow Exchange is the global center of liquidity for the ruble and hosts trading in 10 currency pairs including its most traded Russian Ruble/US Dollar pair. In the first half of 2018 the average daily trading volume (ADTV) on Moscow Exchange’s FX Market across all currency pairs was equivalent to USD 23.6 billion. Though today the most diversified exchange globally – offering trading in stocks, bonds, futures & options, FX, money market products and commodities as well as clearing and depositary services – Moscow Exchange was founded in 1992 as the Moscow Interbank Currency Exchange (MICEX) and in its early years was exclusively a currency trading venue.
Moscow Exchange first announced its intention to join the Global Code in January 2018.