Russian prime brokerage BCS’ international operations will be based from its London office as it attempts to increase investment into Russia, following approval from the UK regulator.
The firm’s London office has operated since last year, it will absorb international operations currently based in Cyprus due to difficulties resulting from the island’s banking crisis. Approval from the UK’s Financial Conduct Authority means it can formally deal and advise on investments and hold client assets.
Tim Bevan, managing director, prime services sales for BCS, told theTRADEnews.com the firm hoped to expand its role as a facilitator of Russian trading as the country’s markets mature.
“Having a UK base will let us focus on global agency broker, hedge funds and the growing sector of high-frequency players, to meet the higher interest in fast-modernising Russian markets,” Bevan said.
He added that the growth of BCS trading activity would be linked to providing more transparency for clients trading in Russia.
“The key for greater execution performance in Russia will be technology and transparency – knowing exactly how you’re executing in Russia through much more accurate transaction cost analysis,” he said.
BCS plans to increase the headcount at its London office over the next 18 months, adding to key hires such as former CEO of Liquidnet Europe, John Barker, who was appointed non-executive director earlier this year.
As part of modernising efforts, Russia will complete its migration to T+2 trade settlement in September, which Bevan described as a “seminal moment” for Russian markets. This will offer trading participants more consistency across their European operations.