ArmInfo.The Moscow Exchange plans to start trading in national currencies of Armenia (AMD), Uzbekistan (SUM) and UAE (AED- Dirham) in the near future. This was stated by Andrey Skabelin, Director of the Foreign Exchange Market Department of the Moscow Exchange, noting that the exchange has 20 currency pairs under consideration for a possible launch, Kommersant reports.
"In the coming months, we plan to launch trading in the Armenian dram, Uzbek sum and Emirati dirham. We see interest in these currencies and understand that they will have liquidity. As a number of technical issues are resolved, we will launch these pairs," Mr. Skabelin said in a conversation with RIA Novosti.
According to him, the start requires the fulfillment of several conditions, the most important of which is a real interest on the part of the participants and their clients. "In order for the currency to be traded, constant supply and demand is necessary, and then a real market is formed," Andrey Skabelin explained.
He noted that from an infrastructural point of view, the National Clearing Center, acting as a central counterparty in the foreign exchange market, will open accounts with foreign currency correspondent banks, find instant liquidity providers and conclude appropriate interbank agreements with them to launch trading in the partial collateral mode.
It is also equally important to ensure the availability of market makers to maintain quotes, and only if all these conditions are met, the Moscow Exchange can provide participants with a new tool, Mr. Skabelin added.
As of June 8, the Moscow Exchange organized trading in currency pairs with the US dollar, euro, Chinese yuan, British pound, Swiss franc, Hong Kong dollar, Belarusian ruble, Turkish lira, Japanese yen and Kazakhstani tenge.
