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European exchanges body votes to exclude Moscow Exchange

European exchanges body votes to exclude Moscow Exchange
European exchanges body votes to exclude Moscow Exchange   -   Copyright  Thomson Reuters 2022
By Reuters

LONDON -Europe’s industry body for securities and derivatives exchanges said on Wednesday its board has voted unanimously to exclude the Moscow Exchange.

The European Union, Britain, Switzerland and elsewhere have introduced financial sanctions in response to Russia’s invasion of Ukraine.

“The Federation of European Securities Exchanges utterly condemns the Russian-led invasion of Ukraine. Our thoughts and unwavering support go out to the Ukrainian people,” FESE said in a statement.

“In light of the Russian government’s actions, the FESE Board has recommended that the General Assembly vote to exclude the Moscow Exchange from the association, stripping it of FESE observer member status.”

Some FESE members, including Deutsche Boerse, have already begun suspending trading and settlement in Russian securities in response to sanctions.

European Association of CCP Clearing Houses (EACH) also said in a statement on Wednesday its board is temporarily suspending EACH Russian Member CCPNCC with immediate effect.

Joining the move, European Central Securities Depository Association (ECSDA) said it will vote on March 9 on the termination of membership of its Russian Member, the National Settlement Depositary, adding that until then “ECSDA suspends the participation of the representatives of its Russian member in all working groups.”

Russia’s central bank kept the Moscow Exchange shut for a third day in a row on Wednesday.