PhosAgro has been granted direct access to Moscow Exchange’s FX Market. An agreement granting direct market access was signed by Andrey Guryev, CEO of PhosAgro, and Alexander Afanasiev, CEO of Moscow Exchange, on 2 June 2017 at the St. Petersburg International Economic Forum (SPIEF).
Andrey Guryev, CEO of PhosAgro, said: “We use all available tools to enhance the company’s efficiency; direct access to FX trading will help drive down currency conversion costs, benefitting us as an exporter. The company can make FX transactions both for itself and on behalf of its subsidiaries.”
Alexander Afanasiev, CEO of Moscow Exchange, said: “We are delighted to welcome a new trading participant with a dominant position in a key industry of the Russian economy to our FX Market. Clear pricing, market liquidity and settlement guarantees are the main benefits of the regulated FX Market. There is no need to manage risks and set limits on counterparties. All market participants will surely benefit from the additional liquidity the new participant will bring.”
From 16 January 2017, Russian legal entities not qualified as credit institutions or professional market participants have been eligible to operate on the FX Market on the same terms with banks and brokerage firms. PhosAgro is the fourth company to receive direct market access (DMA) to FX trading on MOEX. Rosneft, Alrosa and AlfaStrakhovanie gained access to the market in April.