Moscow Exchange welcomes Sova Capital as international individual clearing member on Derivatives and FX Markets

Sova Capital became an international Individual Clearing Member (ICM) firm on Moscow Exchange’s Derivatives and FX Markets, as a direct member of the National Clearing Centre (NCC), MOEX’s CCP.  

Sova Capital is a UK headquartered and FCA regulated entity, meaning collateral of non-resident clients can be held by an international entity directly at the CCP, removing the credit risk exposure to Russian clearing brokers. 

"We welcome SOVA Capital as an International Clearing Member on our Derivatives Market. The opportunity to clear trades internationally, directly against the National Clearing Centre, lowers both the risk and costs of trading on MOEX’s markets. This model was implemented first at MOEX in FX and will be extended to Equities, Bonds and the Money Market this summer, meaning all MOEX markets will have an option of remote clearing membership with the same design", said Igor Marich, FX and Money Market Managing Director at Moscow Exchange.

Grigoriy Kozin, Head of Prime Services at Sova Capital, said: "As the No. 1 ranked participant on MOEX’s Derivatives Market (2019), we are proud to be the first individual ICM and are confident that this innovation brings significant value to our clients. It also demonstrates the positive steps that Moscow Exchange has taken to accommodate a wider international client base. In addition, we look forward to becoming an Individual Clearing Member on MOEX’s Equity Market later on in the year when this becomes available".