08/08/2017
Press release: Gazprom Neft given direct Access to the Moscow Exchange (MOEX) Money Market
Gazprom Neft has been given direct access to the Moscow Exchange (MOEX) Money Market via a central counterparty (CCP). The company successfully conducted its first transaction — the placement of a Ruble deposit — on MOEX through a CCP, the National Clearing Centre, on 4 August 2017.
Alexei Yankevich, Deputy CEO for Economics and Finance, Gazprom Neft, commented: “Gazprom Neft was the first among the players in the Russian oil industry to be given direct access to the MOEX Money Market. We see the placement of deposits through a central counterparty as a new and effective financial instrument allowing us to increase profitability with no change in the degree of credit risk.”
NOTES FOR EDITORS
On 24 July 2017 Russian companies not qualified as credit institutions or professional market participants became eligible to operate on the Moscow Exchange’s Money Market on the same terms as banks and brokerage firms. Corporates can now place deposits with the central counterparty (CCP) at repo-market rates. NCC Clearing Bank, acting as CCP, will guarantee settlement of transactions and will match deposit orders from corporations with General Collateral Certificates — repo orders.
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