MOEX adds US stocks and ultra-fast market data feed for HFT

Rick Steves

The move toward trading in international equities was made in August 2020 as banks and brokers increasingly face pressure from investors to add an international securities offering, particularly from the United States.

Russia

Moscow Exchange, also known as MOEX, will be adding 80 foreign stocks from the United States as the venue addresses demand from banks, brokers, asset managers, and their clients.

With the 80 new stocks available on MOEX, the exchange’s listing of foreign equities has reached 441 instruments. The offering will include stocks of Peloton, Yum! Brands, Estee Lauder, and Autodesk.

The move toward trading in international equities was made in August 2020 as banks and brokers increasingly face pressure from investors to add an international securities offering, particularly from the United States.

At MOEX, stocks are traded in the main and after-hours trading sessions with trades being settled in RUB. Dividends are set in the currency of the issuer, i.e., in USD for American securities.

The exchange’s infrastructure includes a qualified central counterparty and record-keeping with the central securities depository (NSD).

Investors are able to trade all international shares admitted to trading on Moscow Exchange both in roubles and the currency of the issuer’s main listing (primarily USD).

MOEX plans to make more international securities available for trading in the future based on demand from market participants.

Russia’s largest institutional trading venue has recently decided to extend the hours during which stocks can be traded in a move aimed at attracting a greater number of investors.

Effective December 6, MOEX will open the equity market three hours earlier, namely at 6:50am Moscow time. This extends the daily session to run for 17 hours. Currently, the trading hours on the market are from 9:50am to 23:50.

Derivatives market data feed for high frequency trading

MOEX has also rolled out a new high-speed derivatives market data feed that allows clients to receive market signals.

The data feed is called SIMBA and its speed is ensured by a newly established software interaction between the SIMBA gateway with the central component of the trading system, and a high-speed segment of the network infrastructure designed specifically for transmitting large volumes of data to multiple recipients in real time.

Using the “Public Data First” principle, the service eliminates the need to use multiple sources simultaneously to obtain market signals. The service is recommended for low latency trading and HFT.

The new best prices are published in the very beginning of a transaction – there is no need to process all the order book events one by one to find the new final order book state – and the Protocol is based on FIX Simple Binary Encoding, especially valuable for FPGA-based systems.

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