BofAML becomes first non-resident clearing bank on Moscow Exchange
The US bank is due to begin clearing activities this month
The Moscow Exchange (Moex) has announced that Bank of America Merrill Lynch (BofAML) is to become its first non-resident FX clearing bank.
"The bank is in the process of finalising necessary documentation and will begin active trading in January 2016," says the statement from Moex. "It will trade via Merrill Lynch Securities, which is a current trading firm on Moscow Exchange."
BofAML will be the first non-resident bank to gain clearing membership since Moex was opened up to FX market
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