MOEX Starts Offering Trading Sevices with US Stocks

Source: Finance Magnates 2020-08-25

The Moscow Exchange (MOEX), the largest Russian bourse, has launched trading services with foreign equities, adding 20 stocks from the United States’ S&P 500 index.

The exchange has added 19 stocks on August 24 for the main and after-hours trading sessions and will add Apple stock on September 7 due to the upcoming stock split.

The added stocks are Microsoft Corp, Amazon.com Inc, NVIDIA Corp, McDonald’s Corp, Facebook Inc, Twitter Inc, Alphabet Inc, Exxon Mobil Corp, Boeing Co, Intel Corp, AT&T Inc, Pfizer Inc, Visa Inc, Netflix Inc, Micron Technology Inc, Activision Blizzard Inc, Walt Disney Co, Advance Micro Devices Inc, and Mastercard Inc.

Though the exchange was planning to add the overseas for a long time, the plan was delayed due to the Western sanctions on Russia.

Detailing the technicalities, the exchange said that the foreign stocks will be settled in a similar way to Russian securities. To ensure the liquidity of the stocks, the MOEX has partnered with leading Russian brokerages.

“Foreign stocks will be traded and settled in RUB within MOEX’s robust infrastructure, which includes the qualified central counterparty and record-keeping with the central securities depository,” MOEX detailed.

The dividends of these overseas stocks will be paid in the currencies the company handed out the profits to the investors.

Huge global demand for US company stocks

The Russian bourse also has plans to expand its US stock offerings, taking the total count to 50 by the last quarter of this year. It is also planning to add new investment instruments in the future, but no details on this were furnished.

The recently released financials of the exchange shows healthy growth in its income from fees and commission, due to the demand in the equities and derivatives market. The exchange, however, reported a dull growth in the Russian forex market.

MOEX Starts Offering Trading Sevices with US Stocks

Subscribe to Our Newsletter!

Subscribe to Our Newsletter!