Moscow Exchange launches its own information and analytical trading terminal

The Moscow Exchange is launching its own information and analytical trading terminal as an alternative to Reuters and Bloomberg, which left the Russian Federation. At the first stage, exchange information and data from the over-the-counter foreign exchange market, tools for technical analysis and reference information on securities will be available there. Experts confirm the need for the product, but are afraid of failures.

On December 18, the Moscow Exchange opens to all clients access to the Trade Radar information and analytical trading terminal, which “combines modern technologies, access to a wide range of data, functionality, as well as many years of expertise of the exchange’s employees and its partners.”

The site claims that the service implements “the concept of aggregating a large amount of information across different market segments, including information from partner suppliers.”

According to Andrzej Arshavsky, Managing Director for Data Management and Monetization at Moscow Exchange, market participants are “interested in the timely receipt of reliable financial information.”

By the time of launch, the terminal will have available exchange market data and information on the over-the-counter foreign exchange market, the Prime news feed and reference information on securities. There are also tools for analysis. In a week it is planned to include a forecast of macroeconomic indicators. In the first quarter of 2024, data (analytics) on the commodity market from the information and analytical center of the exchange will become available, it will be possible to set indicative quotes, forward orders to clearing at NCC, as well as the ability to select securities for certain parameters.

The development of the terminal was carried out over the course of a year by the team of the site itself and “a group of representatives of the largest banking houses and corporations.” About 50 people took part in the testing. The cost of developing and piloting such a system could be up to 500 million rubles, believes independent financial analyst Andrei Barkhota. Until the end of the first half of 2024, there is a “marketing period”, during which the cost of the terminal will be 5 thousand rubles. per month for 50 licenses per organization. From the second half of the year, the cost of the terminal will be about 25-30 thousand rubles. per month.

The product became relevant after traditional providers of such services Bloomberg and Reuters left the Russian market, notes Capital Lab partner Evgeniy Shatov.

The terminal can partially occupy their niche, and in the future it can also be used for trading with the participation of non-residents, believes Dmitry Alexandrov, head of the analytical research department at IVA Partners. Bloomberg cost about $2.5 thousand per month for the terminal, Reuters Eikon – $2.22 thousand per month plus a module with research ($405 per month).

The new service is not the first terminal running on Moscow Exchange solutions. The terminals MOEX Trade SE (with support for all trading modes and types of orders determined by the trading rules and clearing rules of the exchange), MOEX Trade Currency (a specialized interface optimized for the needs of the foreign exchange market), MOEX Trade TI (for money market participants), MOEX are already in operation. Spectra Terminal (for trading participants in the derivatives market), MOEX Board (subsystem for indicating interest and generating quotes for instruments), MOEX Dealing (messaging to agree on the terms of over-the-counter transactions planned for conclusion), MOEX Trade Info (for viewing the progress of trading on all platforms Moscow Exchange group in real time, as well as for working with archived data), MOEX Treasury (web interface for corporate clients’ access to the money market, foreign exchange market and precious metals market). However, Dmitry Alexandrov, managing director of Ivolga Capital, clarifies that these terminals in their current form are “primarily trading, but not informational.”

Meanwhile, experts also note the negative aspects of the new product. “In the light of import substitution of IT, the technical integration of a new terminal into the client’s infrastructure may have operational risks, failures are possible,” says Mr. Barhota. Investment strategist of Arikapital Management Company Sergei Suverov emphasizes that “only the practice of its use can show how comparable the Trade Radar product is really to Bloomberg.”

Ksenia Kulikova