Nordea Bank AB has just announced that it has started automated trading on Moscow Exchange (MOEX)’s FX Market via Sponsored Market Access (SMA).
The SMA technology allows registered clients to trade directly on Moscow Exchange using a client ID received from a Russian MOEX trading member. In Nordea’s case the trading member is Nordea Bank in Russia and the SMA client is Nordea Bank’s FX operations in Copenhagen. As an SMA client, Nordea Copenhagen sends trading instructions directly to MOEX’s FX Market where orders are submitted and executed by its Russian trading member on behalf of the client. Thus, Nordea Bank in Copenhagen is effectively able to offer its automated trading clients seamless access to RUB trading on Moscow Exchange.
Igor Marich, MOEX
Igor Marich, Managing Director of the Money and Derivatives Markets at Moscow Exchange, said:
We are delighted to offer Nordea Bank and its clients our SMA technology for trading RUB at the best available prices on our FX Market – the leading global liquidity center for RUB – through Nordea’s automated FX trading platform. SMA and international clearing membership are in high demand from non-resident clients and we plan to continue to promote these services to help ease access to FX, derivative, equity and bond trading on MOEX for this group of clients.
SMA service has been available on the MOEX FX Market since August 2015 and on the Equity & Bond Market since December 2017. MOEX plans to begin offering sponsored access for trading derivatives later this year. Currently, six members of the FX Market offer SMA-based market access to their clients. In 2017, the average daily trading volume of FX by SMA clients was more than USD 1 bln.