Micex to become CCPThe Moscow Interbank Currency Exchange has announced plans for an overhaul of its trading setup, dubbed the Micex + project. The Russian bourse is hoping to boost flagging volumes, and stem the loss of market share to its rival, the Russian Trading System Stock Exchange.The plan mandates centralised clearing and guaranteed fulfilment of obligations for all transactions, as well as enabling market participants to use both cash and securities as partial coverage.Micex vice-president Igor Marich said in a statement: “The new trading modes involving a central counterparty expand the trading possibilities of market participants, reduce their costs and create appropriate conditions for attracting and placing funds and securities in anonymous mode ‘CC-Repos’ with a minimum level of risk, which actually means that a centralized repo market has emerged in Russia.”Separately, the exchange’s National Mercantile Exchange (Namex) division will expand its list of deliverable grain futures during the...