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WIFAA Excellence in Legal & Compliance: Victoria Chen, DTCC

Victoria Chen, associate general counsel for APAC, DTCC
Victoria Chen, associate general counsel for APAC, DTCC

Markets Media spoke with Victoria Chen, Associate General Counsel for the Asia Pacific Region (APAC), DTCC who won Excellence in Legal & Compliance at the 2024 Women in Finance Asia Awards.

Victoria Chen

What was your reaction to winning the award?

I am very appreciative and thrilled that the DTCC team has nominated me for this award, in recognition of my contribution as legal counsel for DTCC’s operations in Asia Pacific. This nomination is a testament to DTCC’s ongoing commitment to building an inclusive workplace that provides equal career advancement opportunities for women.

I feel honored to have won this award and having been chosen among my peers in the legal community for this acknowledgement. This recognition encourages me to continue to push myself forward to achieve greater excellence in legal and compliance as well as contribute to belonging in the workplace to help others excel in their careers.

What keeps you motivated?

Fostering genuine connections and trusted, collaborative relationships is important to me. My colleagues look to me to provide advice and counsel on all legal matters, and I hope to continue to be that trusted advisor to them. I have three beautiful daughters whom I would like to lead by example. I have inculcated in them this motto: work hard, do what you believe, build strong, authentic and lasting relationships. The sky is the limit.

What are some of the pressing legal & compliance issues?

DTCC, like many of its industry peers, is operating in an increasingly complex and evolving regulatory environment. Some of the challenges in the future that we need to tackle would include regulations around artificial intelligence (AI) creation and AI use cases. The threat from sophisticated cyber actors provides added complication to this anticipated regulatory concern.

Who have been the main influences in your career?

I am very fortunate and blessed that throughout my career, I have been given many opportunities to take on new and challenging responsibilities as well as manage complex initiatives that stretch my expertise and potential. These experiences have helped shape my professional development as a lawyer and trusted legal advisor to my business partners. Further, I must thank my two mentors – who I met early in my career – for taking the time to mentor and guide me in order to become the lawyer I am today. I have also had two exceptional managers at DTCC who believe in me and empower me with making tough decisions. That said, they are always available to support me whenever I need their counsel. Their leadership and vision never fail to inspire me.

And last but not the least, I am extremely grateful to my mum, who is a huge influence on me. She has been working for almost five decades in portfolio management. Despite working full time, she always has time for me and my siblings. Under her influence, I have learned to embrace two qualities – resilience and a can-do attitude – to manage any challenge, big or small, knowing that there is a solution to every issue.

What’s your advice to the next generation of women in finance?

I believe it is important for one to be confident and not hesitate to take on new challenges or learn something new – to make a difference. I encourage young women to be outspoken and inquisitive, to actively seek out interesting work within their own organization, and more broadly, as often the best opportunities come unexpectedly. In my career, some of my biggest rewards have come from taking the biggest personal and professional risks and pushing my own limits. Sometimes our tenacity and drive to excel may surprise us.

Lastly, I would advocate for the next generation of young women to be part of a driving force to reshape the financial services landscape, a traditionally male dominated industry. By coming together to create opportunities, expanding our professional network, and supporting each other, we will continue to shatter glass ceilings and overcome glass cliffs, real or perceived.

©Markets Media Europe 2024

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WIFAA Excellence in Marketing & Communications: Angela Nguyen, BNP Paribas

Angela Nguyen, regional head of marketing and communications, Asia Pacific, Securities Services at BNP Paribas
Angela Nguyen, regional head of marketing and communications, Asia Pacific, Securities Services at BNP Paribas

Markets Media spoke with Angela Nguyen, Regional Head of Marketing and Communications, Asia Pacific for Securities Services at BNP Paribas who won Excellence in Marketing & Communications at the 2024 Women in Finance Asia Awards.

Angela Nguyen

What was your reaction to winning the award?

Winning the Women in Finance Award for Excellence in Marketing was an incredibly humbling and proud moment for me. It served as a validation of the hard work and dedication put forth by our marketing team and a testament to BNP Paribas’ commitment to diversity, equality, and inclusion. This recognition not only celebrates the achievements of our team but also reaffirms the importance of promoting gender diversity in the finance industry. As a woman in a leadership role, winning this award motivates me to continue advocating for inclusive practices and fostering an environment where everyone can thrive. It highlights the progress we have made in breaking down barriers and creating opportunities for talented individuals regardless of their gender. I am grateful for the support and encouragement I have received from my colleagues and mentors throughout my career, as their guidance has been instrumental in my success.

What have been the main drivers of your success?

Strategic planning, effective storytelling, and data-driven decision-making have been the foundational elements for my success in marketing. By thoroughly understanding our target audience and their needs, we have been able to develop tailored marketing strategies that resonate with them. Additionally, our emphasis on creating compelling and authentic narratives has helped us build strong brand connections and establish trust with our clients.

While these strategies have been instrumental in driving success, it is important to acknowledge the support and guidance I have received from my mentors and the management team at BNP Paribas. Their belief in my abilities and their willingness to provide me with the freedom to be creative has been invaluable. The culture at BNP Paribas, which encourages innovation and creativity, has given me the confidence to push boundaries, experiment with new ideas, and deliver impactful campaigns. The trust placed in me by my mentors and the management team has been a catalyst for my success, empowering me to excel in my role and drive positive outcomes.

How would you describe your work/management ‘style’?

I would say trust, compassion, and empathy define my work/management style. Trust is essential to foster collaboration and empower team members. I try to provide autonomy and encourage each team member to take ownership of their work, valuing their input and ideas. Compassion and empathy are vital in understanding and supporting the unique strengths, challenges and personal circumstances of each team member. By actively listening and being receptive to their needs, I aim to provide the necessary support and guidance to help them thrive both professionally and personally. Additionally, I try to foster a collaborative and open dialogue approach in the team. I appreciate my team members’ expertise and experiences, so collaboration and diverse perspectives are highly valued, ensuring that everyone feels respected and that their contributions are recognised.

What’s your favourite aspect of working in Marketing and Communications?

The ability to be a storyteller and connect with people on an emotional level is what I find most fulfilling. Marketing allows me to tap into my creativity and develop compelling narratives that resonate with our target audience. Crafting messages that evoke emotions, inspire action, and ultimately drive engagement with our brand bring a sense of accomplishment. The dynamic of the field, constantly evolving with new technologies, platforms, and consumer trends. This continuous evolution keeps me engaged and encourages continuous learning and adaptation.

Moreover, marketing enables me to make a tangible impact on the success of our organisation. By applying strategic marketing principles, we can effectively position our products or solutions in the marketplace, differentiate ourselves from competitors, and ultimately contribute to the growth and profitability of the business. Marketing also serves as a bridge between our brand and our clients. It allows us to build relationships, establish trust, and create meaningful connections.

Lastly, marketing provides a platform for collaboration and cross-functional teamwork. I enjoy working with colleagues from different locations, different business lines, such as strategy, products, sales and relationship managers, as well as other functions of the Bank such as Legal, Compliance, Risk and Operations. The synergy of diverse perspectives and expertise enhances our marketing initiatives and leads to more comprehensive and effective campaigns.

Tell us about a passion you have outside the business.

Beyond my professional pursuits, one of my greatest passions lies in advocating for animal welfare, with a particular focus on cats. I actively support local animal shelters and organisations that work tirelessly to rescue, rehabilitate, and find forever homes for abandoned and stray cats. Through fundraising and raising awareness, I aim to make a difference in the lives of these vulnerable animals. I promote responsible pet ownership and encourage adoption, emphasising the joy and fulfilment that comes from providing a loving and caring home for these cats in need.

On a personal level, I have experienced the incredible rewards of cat rescue firsthand. I have two rescued cats of my own, and they bring me immense joy and comfort after a busy day. Seeing their resilience and witnessing the transformation they undergo when provided with a safe and nurturing environment is truly heartwarming. Their presence in my life serves as a constant reminder of the importance of giving these animals a second chance.

Through my love for my own rescued cats and my dedication to supporting cat rescue efforts, I hope to inspire others to consider adoption, support local animal shelters, and experience the profound joy that comes from providing a loving home for these amazing creatures.

©Markets Media Europe 2024

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WIFAA Rising Star: Karen Leung, Liquidnet

Karen Leung, relationship manager, Liquidnet
Karen Leung, relationship manager, Liquidnet

Markets Media spoke with Karen Leung, Relationship Manager at Liquidnet, who won Rising Star at the 2024 Women in Finance Asia Awards.

Karen Leung

What is your reaction to winning the Award at the 2024 WIFAA Awards?
Very honored to be nominated at all and a little overwhelmed to have won the Rising Star award. I feel lucky to be among so many talented ladies who have all contributed so much. So very grateful to have worked alongside all the people who supported me in my career – thank you to my team and Liquidnet for giving me the opportunity to excel! It definitely gives me the motivation to keep pushing forward.

Briefly describe your background and career to date.
I started my career at BMAL in the operations department, then moved to JPM as a trader assistant before I became a sales trader there specializing in HK/China market. It was this role where I started to build relationships with buyside and banks. I then wanted to move to electronic trading and joined Liquidnet. I’ve carried out different roles at Liquidnet such as algo trading and now head the trade coverage team in Hong Kong.

What keeps you motivated?
It’s certainly has been a very rewarding journey and full of opportunities. There are challenges along the way but I like to embrace them with ‘Whatever doesn’t kill you makes you better.’  Over the years I have made many friends in the industry and I received guidance and support throughout my career. This industry acknowledgement gives me the drive to contribute back to the industry and help others whenever I can.

Who have been the main influences in your career?
When I first started in finance, I never thought I could become a trader. There are many people who taught me a lot of things and gave me the opportunities that I never thought I would have. To name a few I’d like to thank my current manager, Tristan Baldwin, who has always been inspiring and guiding me for the past five years. Additionally, my managers at JPM, who trusted me and gave me the sales trading role that has proved such a real life changing move.

What do you like most about the world of finance/trading?
The finance world is always on the move, I like how dynamic it is. I remember when I started my role in trading, it was predominantly still very manual with minimal automation or use of big data. Only a decade or so later, the shift is so apparent on how we now rely on Algo and technology in trading. Being a part of this change has been fascinating.

What’s your favorite aspect of working at Liquidnet?

Liquidnet is family to me after spending 10 years here. Apart from the people and culture, Liquidnet is always innovating and that’s what keeps me motivated – sharing this innovation with our clients. I never feel bored working here as we constantly look for ways to add quality liquidity and create better user experience for the community.

©Markets Media Europe 2024

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WIFAA STEM Champion: Holly Brooker, Instinet

Holly Brooker, analytics specialist, Instinet Incorporated
Holly Brooker, analytics specialist, Instinet Incorporated

Markets Media spoke with Holly Brooker, Analytics specialist at Instinet Incorporated, who won STEM Champion at the 2024 Women in Finance Asia Awards.

Holly Brooker

What was your reaction to winning the award?

It was a great honor to win the award and be given the opportunity to meet so many incredible women in finance. These awards are so important to individuals who are still forming their career options, allowing those new to finance to see what is possible for their future professional lives and ambitions.

What have been the main drivers of your success?

I have always been very passionate about my work, I work hard and I have been lucky enough to have an incredible level of support both at home and at work. I have also been fortunate enough to work at Instinet, which has provided me with a platform to continually grow and develop.

Why is mentoring important for anyone pursuing a career in STEM?

In STEM careers, a mentorship relationship not only helps provide institutional knowledge, advice and networking opportunities but it also gives mentees someone who can provide trusted feedback, encouragement and perspective. This is invaluable to help grow both professionally and personally.

What excites you about the financial industry?

The most exciting aspect of the financial industry to me is the fact that it is highly dynamic and constantly moving into new and interesting directions. Such a fast paced environment not only ensures the work never gets monotonous but it also offers great opportunities for continuous learning and skill development.

What’s your advice to the next generation of women in finance?

Although gender inequality still persists across many financial sectors, the industry is changing and becoming much more diverse. Walk forward with confidence, work hard and help those around you by treating people the way you would like to be treated.

©Markets Media Europe 2024

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WIFAA Excellence in Talent Management: Alana Newman, Cboe Australia

Alana Newman, senior director of human resources (APAC), Cboe Global Markets
Alana Newman, senior director of human resources (APAC), Cboe Global Markets

Markets Media spoke with Alana Newman, senior director of Human Resources (APAC), Cboe Global Markets, who won Excellence in Talent Management at the 2024 Women in Finance Asia Awards.

Alana Newman

What was your reaction to winning the award?

Very surprised, but also very humbled to first have been nominated, but then to have been recognised. Sometimes HR are the quiet achievers working away in the background, so it is nice to have our efforts called out occasionally!

What have been the main drivers of your success?

A supportive team and having leaders within the business who understand how critical the HR function is in achieving business outcomes. Having a seat at the table, so to speak.

Why is talent management so important? And what talent management initiatives are in place at Cboe?

Talent Management is so crucial to the success of an organisation. Everything from making great hiring decisions, developing and retaining talent and leveraging data to make informed decisions. Cboe within the APAC region has been on quite the journey since it acquired Chi-X 3 years ago. We have seen a significant amount of growth, so recruitment has been a high priority, but our focus has also been on implementing some of the basics and leveraging what great existing systems and processes Cboe Global Markets already had in place. This has been crucial to getting us where we are today and setting us up for future success.

What are your tips for an effective talent management strategy?

Leverage data to make data-driven decisions and gain insight into what is actually needed. Ensure there is buy-in from the top and alignment with the organisational goals.

How do you deal with pressure or stressful situations?

I’ve often been described as the duck who is floating calmly on top of the water, but madly swimming beneath the surface. I think for me it’s important to keep a level head during stressful situations. I’m also a big advocate for looking after your own mental health, so I use meditation and breathing as a way to keep calm and composed. We are lucky enough at Cboe to have a subscription to the Headspace app as part of our wellbeing offering – I’m a big fan!

What’s your favorite aspect of working at Cboe? 

The people. I know everyone says that, but it’s true. I genuinely love working with my fellow Cboe colleagues, both locally and globally. I think it also helps that there is buy-in amongst our people that we are all working towards to same goal of building trusted markets. Cboe are a very people-focused business and we are always reviewing how we can improve and do better in our offerings to employees. It’s great to be part of an organisation who truly put their people first.

©Markets Media Europe 2024

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WIFAA Rising Star: Michelle Hosea, Virtu Financial

Michelle Hosea, quantitative strategist, Virtu Financial
Michelle Hosea, quantitative strategist, Virtu Financial

Markets Media spoke with Michelle Hosea, Quantitative Strategist, Virtu Financial, who won Rising Star at the 2024 Women in Finance Asia Awards.

Michelle Hosea

What is your reaction to winning the Award at the 2024 WIFAA Awards?

I was ecstatic, and quite frankly surprised, to hear that I would be winning the Rising Star Award. Making it to the shortlist alongside so many highly accomplished women was an honor in and of itself. It felt very encouraging to see my hard work and dedication being recognized, and also very humbling because I know that I would not be where I am today without the support of my friends, family, and colleagues.

Briefly describe your background and career to date.

I received a Bachelor’s in Applied and Computational Mathematics from the University of Southern California and a Master’s in Financial Engineering from Cornell University. During my time as a student, I completed internship programs in market risk, business intelligence, and private equity. After graduating, I joined Virtu Financial as an algo developer and have been there ever since.

What have been the main drivers of your success?

I would say one of the main drivers of my success is my perseverance. Whenever I hit a roadblock while trying to complete a task, I adopt the mindset that I can overcome it by working harder, attempting to approach the problem from a different angle, or asking for help when necessary. I’m glad to have encountered challenges that push me out of my comfort zone because each of those experiences has been a learning opportunity for growth.

What keeps you motivated?

My main motivation comes from a strong sense of ownership in the work that I do. It gives me great pride and satisfaction to deliver the best product that I can. I’m also very fortunate to work with so many collaborative, talented people who are equally passionate about their work. They inspire me to put my best foot forward every day.

Who have been the main influences in your career?

There are so many people who have helped me along my career journey, but one person who has had the biggest impact on me is my manager, James Osborne. He has supported and guided me from day one, and I feel very lucky to be a part of his team. He has not only taught me how to develop algos, but more importantly, he has shown me the kind of leader I want to be: someone who’s smart yet humble, kind but firm, and someone who inspires and encourages others to thrive.

What do you like about the world of finance/trading?

The world of finance and trading is constantly evolving; it’s like a never-ending puzzle. I’ve always been someone who enjoys problem-solving, and working in this field allows me to face new challenges every day. It forces me to think outside the box to solve complex problems and to keep improving and innovating.

What’s your favourite aspect of working at Virtu Financial?

My favorite aspect of working at Virtu Financial is the meritocratic, supportive team culture. I believe that good ideas can come from anywhere, and at Virtu, everybody has the opportunity to make a real impact. I also appreciate that my role doesn’t confine me into a box and that I’m able to wear multiple hats on the job.

Where do you see yourself in five years?

It’s hard to say for certain where I’ll be in five years because you never know what opportunities might come your way, but hopefully, as I gain more knowledge and experience, I’ll be able to make a bigger impact in the industry. I want to continue to learn and grow, not just in the next five years, but for the rest of my career.

©Markets Media Europe 2024

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Broadridge partners with TNS for futures and options platform

Mike Johnson, general manager of futures and options, Broadridge Trading and Connectivity Solutions
Mike Johnson, general manager of futures and options, Broadridge Trading and Connectivity Solutions

Broadridge Financial Solutions has integrated its global futures and options SaaS platform with infrastructure provider Transaction Network Services (TNS) in an effort to simplify market data management and reduce clients’ operational risk.

Through the partnership, Broadridge’s futures and options platform will gain global exchange connectivity for order routing, reduced implementation costs and market data access as the vendor of record. Futures commissions merchants will also see faster time to market.

TNS has access to more than 130 exchanges worldwide, covering 25 countries. Within its infrastructure-as-a-service portfolio, it offers connectivity, cloud, market data and VPN solutions.

Commenting on the announcement, Mike Johnson, general manager of futures and options at Broadridge Trading and Connectivity Solutions, said: “With the addition of TNS, futures commission merchants and agency brokers will now have access to simplified market data while benefiting from reduced implementation costs and improved time-to-market.

“We are committed to providing globally resilient solutions for our clients. This integration enhances our software offering and aligns with the growing industry trend where clients are moving away from hosting their own trading infrastructure.”  

Tom Lazenga, general manager at TNS Financial Markets, added: “[The] collaboration underscores TNS’ commitment to providing fast and resilient connectivity solutions, specifically designed and engineered to address the needs of the financial services industry worldwide.

“We are proud to support Broadridge in delivering a global source of exchange market data and infrastructure, helping their clients achieve greater efficiency and effectiveness in their trading activities.”

©Markets Media Europe 2024

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Verto launches African currencies FX marketplace

Anthony Oduu, co-founder, Verto
Anthony Oduu, co-founder, Verto

Fintech Verto has launched a new marketplace for traders, brokers and treasurers in the US, UK, and EU markets to trade in illiquid and exotic African currencies.

Verto Marketplace is designed to address issues around limited rate control, high costs, and lack of transparency. The Marketplace supports 14 currencies, including both G10 and exotic currencies like XOF, XAF, GHS, NGN, KES, and UGX, catering to diverse trading needs.

Anthony Oduu, co-founder, Verto
Anthony Oduu, co-founder, Verto

Verto co-founder Anthony Oduu said there is “significant” pent-up demand for counterparties. “We built Verto Marketplace to directly address these systemic issues, offering a platform that provides the control, transparency, and cost-efficiency that traders, brokers, and corporate treasurers need,” Oduu added.

Features of the new marketplace include: rate autonomy; minimal upfront costs; and enhanced transaction security.

The global market for emerging currencies is expected to grow at a compound annual growth rate (CAGR) of 6.5% over the next five years, Verto said, with studies showing that only 15% of the forex market participants trade exotic currencies.

©Markets Media Europe 2024

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Terraform and founder Kwon to pay $4.5bn in securities fraud case

Gary Gensler, chairman, SEC
Gary Gensler, chairman, SEC

The US Securities and Exchange Commission (SEC) has fined crypto firm Terraform and CEO Do Kwon more than $4.5 billion over “one of the largest securities frauds in U.S. history”.

Kwon and his firm Terraform orchestrated a years-long fraud involving crypto asset securities that led to “devastating” investor losses when the scheme unravelled.

Gary Gensler, SEC

SEC chair Gary Gensler said: “The economic realities of a product—not the labels, the spin, or the hype—determine whether it is a security under the securities laws.

“Terraform and Do Kwon’s fraudulent activities caused devastating losses for investors, in some cases wiping out entire life savings. Their fraud serves as a reminder that, when firms fail to comply with the law, investors get hurt,” Gensler added.

As part of the settlement, Terraform agreed to pay $3,586,875,883, $466,952,423 in prejudgment interest, and a $420,000,000 civil penalty. Terraform also agreed to stop selling its crypto asset securities, wind down its operations, replace two of its directors, and distribute its remaining assets to investor victims and creditors through a liquidation plan, subject to approval by the court in Terraform’s pending bankruptcy case.

Kwon agreed to pay $110,000,000 and $14,320,196 in prejudgment interest on a joint and several basis with Terraform, as well as an $80,000,000 civil penalty.`

A nine-day jury trial in April uncovered the extent of the defendants’ lies to victims about the false use of the Terraform blockchain to settle transactions and about the stability of their crypto asset security, UST.

The SEC also offered evidence at trial showing that, in May 2022, after UST de-pegged from the US dollar, the price of UST and Terraform’s other tokens plummeted to close to zero. This wiped out $40 billion in market value nearly overnight and caused substantial losses to countless investors, including numerous retail investors.

Gurbir Grewal, director of the SEC’s division of enforcement, said: “Do Kwon and Terra orchestrated one of the largest securities frauds in US history by, among other things, falsely claiming that they had achieved the Holy Grail of crypto: a non-illicit use case. As the jury found, that was a lie, as was their claim of creating an ‘algorithmic stablecoin.’ In the end, all they succeeded in doing was lying to investors, wiping out tens of billions of dollars in market value, and creating a trail of victims.”

©Markets Media Europe 2024

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Moscow halts dollar, euro trades – but “no change” for European asset managers

Janet Yellen

The sweeping new set of US sanctions against Russia, which led to the Moscow Exchange halting trading in dollars and euros yesterday, has had limited impact on European asset managers, according to Global Trading sources – although the OTC market could be affected.  

Secretary Janet Yellen
Secretary Janet Yellen

Russia has halted trading in all instruments settled in US dollars and euros on the Moscow Exchange (MOEX)’s equity, bond, money and OTC derivatives markets due to new US sanctions over Russia’s war in Ukraine, an announcement on the exchange website confirmed yesterday. Trading in currency pairs with the dollar and euro has also been halted on the FX and precious metals market.

The sanctions, announced by the US Department of the Treasury on 12 June, take “sweeping aim” at the country’s “foundational financial infrastructure and access to third country support” as Russia completes its transition to a full war economy.  

US Secretary of the Treasury Janet Yellen said the sanctions “increase the risk” for financial institutions dealing with Russia’s war economy.  

“Russia’s war economy is deeply isolated from the international financial system, leaving the Kremlin’s military desperate for access to the outside world. Today’s actions strike at their remaining avenues for international materials and equipment, including their reliance on critical supplies from third countries,” she said in yesterday’s statement. 

The new US sanctions target “the architecture” of Russia’s financial system, the US Treasury said, which has been rejigged to facilitate investment into Russia’s defence industry. 

The domino effect  

Global financial institutions fled Russia when sanctions first hit in early 2022 in response to the initial Ukraine invasion, as nations including the US and UK imposed stringent restrictions on the country and froze Russian banking assets, while Moscow retaliated with a ban on foreign investors selling local securities.  

Asset managers including Liontrust, JP Morgan Asset Management, Franklin Templeton and Pictet suspended and eventually wrote down their Russia funds; while the MSCI index freeze on all Russian securities saw ETFs tumble, with BlackRock closing its US$18m MSCI Russia and US$108m Eastern Europe exchange-traded funds. Venues ceased to trade, with European exchanges including LSE, Euronext, Nasdaq and Deutsche Borse halting trading in all Russian names and CCPs such as Euroclear and Clearstream shutting down settlement of Russian securities.  

By May 2022, over US$6bn-worth of exposure to Russian or emerging markets funds had been frozen, according to Morningstar data.  

Limited impact

After that first frenzy of selling, suspending and write-downs, however, the rest of the world returned to largely business as usual – and according to Global Trading sources, the latest response to Russian sanctions has had limited impact, with most asset managers already exited from their positions.  

However, the new freeze on euro and dollar trades on Moscow’s standardised OTC derivatives market could have a bigger impact. “People are trading,” confirmed one buy-side trader, speaking to Global Trading on condition of anonymity. “There is a huge OTC market trying to take on frozen positions at a huge discount.”  

“Our Russia fund has been on hold for years, so it doesn’t change anything for us,” said another trader. “As I read it, it’s just the currency angle. You can’t trade vs USD or EUR. But if I really wanted to, I could trade locally in RUB and then FX proceeds back to GBP, for example.”  

Russian response 

In response to the sanctions, Moscow Exchange said: “The main objective of Moscow Exchange is to ensure the operation of the financial market infrastructure and the reliability of transactions by its participants. In the face of new challenges, Moscow Exchange will continue to provide clients with access to all segments of the trading venue.” 

A number of financial institutions have been targeted alongside the Moscow Exchange, including the National Clearing Center (NCC), the central counterparty and clearing agent for, and a subsidiary of, MOEX.  

© Markets Media 2024.

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