The (MOEX) announced this Monday that it has expanded its foreign exchange (forex) offering, by launching trading in the US dollar/Japanese yen (USD/JPY) currency pair.
When trading the currency pair, trades will be settled either on the same day (T+0), next day (T+1) or on T+2 after the trade date, the statement said. In addition, overnight and tom-next swaps will also be available for the USD/JPY.
As part of the exchange’s mission to offer users access to global forex liquidity, MOEX will also facilitate OTC trading of the currency pair with tight spreads. In terms of its OTC liquidity service, the exchange permits trading in USD/CNY, USD/TRY, EUR/USD, GBP/USD and now USD/JPY.
Overall, the USD/JPY is the 17th currency pair to be offered by the Russian exchange for trading. It also offers the following pairs: SD/RUB, EUR/RUB, CNY/RUB, EUR/USD, HKD/RUB, GBP/RUB, CHF/RUB, TRY/RUB, JPY/RUB, BYN/RUB, KZT/RUB, GBP/USD, USD/CHF, USD/CNY, USD/KZT and USD/TRY.
“Trades in the USD/JPY currency pair will not require full pre-deposit (short selling is prohibited for the T+0 instrument). Yen delivery occurs on the next business day after the trade date, given the time difference between Moscow and Tokyo,” the announcement from MOEX said.
MOEX continues to focus on FX
In recent years MOEX has been actively expanding its forex offering. As earlier this year, the exchange increased its offering by adding new financial instruments to its FX market.
This saw the company add a pilot USD/RUB order book, new instruments for the Japanese yen/Russian ruble (JPY/RUB) currency pair, and new currency pairs – USD/CNY and USD/TRY were added to the global OTC liquidity access project.
Not only that, but towards the end of last year, the exchange , a technology provider for the FX market, in order to deliver access to global forex liquidity to its customers.