Moscow Exchange is discussing possible alliances with international peers, including Germany's Deutsche Boerse AG and U.S.-based operators CME Group Inc and NYSE Euronext.
MOSCOW(BullionStreet): Russia's major exchange, the Moscow Exchange said it will speed up plans to develop markets in gold and will utilize its ownership in smaller local exchanges as the company seeks to become a regional trading power.
The commodities push places the company alongside foreign-based exchange rivals such as Canada's TMX Group Inc and ASX Ltd in Australia, both working to parlay those nations' commodity strengths into trading business.
Moscow's largest financial markets operate under one roof following the December 2011 merger of the country's two main exchange operators.
The enlarged Moscow Exchange has been revamping its stock markets in recent months, upgrading infrastructure for the settlement of trades and pushing for an overhaul of pension-plan rules that could drive more investment in Russian securities.
To hasten expansion efforts, Moscow Exchange is discussing possible alliances with international peers, including Germany's Deutsche Boerse AG and U.S.-based operators CME Group Inc and NYSE Euronext.
Moscow Exchange's stock, futures and currency platforms cover a broader range of asset classes than many of its foreign-based competitors, but Russia has struggled against the perception that its financial markets are clubby and tough for outsiders to navigate.
Domestic restrictions around securities investing have prompted some Russian companies to list shares in London and elsewhere, while prices for the region's wheat harvests generally remain set in Chicago and Paris.
Moscow Exchange already runs the number-nine derivatives market globally in terms of trading activity, according to data from the Futures Industry Association. Its strength has been in financial futures, such as contracts linked to the RTS Russian stock index, with more than 320 million contracts traded in 2012.