Credit Suisse has become the first broker to connect to Russia's MICEX Stock Exchange via the FIX message protocol.
MICEX said that the Swiss investment bank's Moscow-based securities unit was the first client of the exchange to use the technology “in commercial operations”.
Credit Suisse previously used technology from GL Trade, the systems provider acquired by SunGard in 2009, to connect to MICEX. The broker will now access MICEX's trading applications through the exchange's MFIX Transaction service, which provides direct connectivity using FIX version 4.4.
MICEX said that FIX-based connectivity would reduce the time and cost involved in connecting international market participants to the exchange, adding that “a number of participants” would link via MFIX Transaction before the end of the year.
MICEX signed an agreement to merge with fellow Russian exchange RTS in June 2011. The deal remains subject to regulatory and shareholder approval.