Moscow: Russian diamond mining giant Alrosa said it has gained direct access to trading at Moscow Exchange’s FX Market. The first trades were executed on April 4.
Since January 16, Russian legal entities that are not credit organizations or professional participants of the securities market have been permitted to enter the FX market directly on equal terms with banks and brokerage firms.
Among the key benefits of entering the exchanging currency market is a high level of information awareness with the possibility of buy at market level, and presence of a central counterparty, the functions of which performs the Bank National Clearing Centre, which guarantees the discharge of liabilities to bona fide participants and relieves them from the necessity to assess risks and fix limits against each other,” the miner said.
Igor Kulichik, Alrosa Vice President – Chief Financial Officer, noted: “Access to the exchanging currency market will allow Alrosa to increase the efficiency of sale-purchase of FX, will allow minimizing of the costs of these operations. Clearing and settlement services of the Moscow Exchange ensure convenient and prompt settlements. I believe the possibility to enter the exchange trading marketplace will become interesting for other corporations as well.”