Now, India INX members can access Moscow Exchange thru GIFT City

Our Bureau Chennai | Updated on December 17, 2019 Published on December 17, 2019

SEBI gives nod for trading access to MOEX

Indian investors can now be able to deal in Moscow Exchange. The Securities and Exchange Board of India (SEBI), the regulator for the stock exchanges in GIFT IFSC has approved trading access to Moscow Exchange (MOEX) for the members of India INX (subsidiary of BSE) via Sova Capital.

India INX Global Access IFSC, a wholly-owned subsidiary of BSE's India INX, has obtained regulatory approvals to provide outbound connect to all the India INX members and their clients to access the Moscow Exchange.

According to an INX release, MOEX is specialised in trading derivatives on oil, gold and other precious metals, RTS index and single stocks and various currency pairs, as well as cash equities, bonds and FX instruments.

For this purpose, India INX GA proposes to tie up with Sova Capital, a leading member of Moscow Exchange. Sova Capital also intends to take membership of India INX to allow global investors to connect to India INX at GIFT City.

"This clearly demonstrates a win-win partnership for the BSE Group and Moscow Exchange Group in enabling access to each other's market and further deepening the good ties between India and Russia," the release said.

Arunkumar Ganesan, MD and CEO, India INX GA said, “BSE, India INX and MOEX are collaborating to facilitate the development of channels of communication, which would benefit global investors. We strongly believe together, we can continue to foster this collaborative relationship for the benefit of the financial services industry in India and Russia.”

Since 2007, Sova Capital (UK-based and FCA-regulated broker-dealer) has utilised its significant balance sheet and product solutions to provide both buy-side and sell-side clients with a global offering covering execution services, prime financing, custody, stock-loan and repo services across both emerging and developed markets, the release added.

Published on December 17, 2019
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