According to him, there will be a number of restricitions applied to licensed participants, including a minimum RUB 180mn capital limit. Today, brokers, dealers and asset managers capital limit is RUB 35mn.

At a 13 September meeting, Moscow Exchange MICEX-RTS FX Committee proposed direct FX market access to the Board of Directors.

It has been reported earlier that the clearing house will not set further limits in addition to capital minimum, which will make collateral deposits necessary for all trades. Today banks can request the depo to set limits for them with no deposits.

Money Market Managing Director at Moscow Exchange Igor Marich said that access could be granted as early as November.

SMALL COMPANIES WELCOME

Gavrilenko, who also acts as NP RTS Chairman of the Board, said that the partnership is working on the possibility of setting up infrastructure that would allow access to the FX market for companies worth under RUB 180mn.

"We want to create a NP RTS corporate broker that would act as the FX market access point for small companies. The point is, that broker will be a market structure, not owned by one shareholder", said Gavrilenko.

NP RTS members are over 100 licensed participants.

A NP RTS Board meeting to discuss this idea is planned for Tuesday, according to Gavrilenko.

He does not rule out the possibility of this scheme in other Moscow Exchange markets.

Moscow Exchange has announced earlier its plans to introduce both Т+n stock market settlement and 2-level trading access to brokers: direct exchange access will be granted to clearing participants, who will service all other brokers. Allegedly, some 200 traders out of 600 could become clearing participants.

Trading infrastructure, Project Group №1