Markit, the UK data firm merging with US-based rival IHS, has connected its FX pricing service with the Moscow Exchange.

It means Markit customers, including banks and hedge funds, will gain access to Russian ruble trading and settlement at the National Clearing Centre, the Russian bourse’s clearinghouse.

The move comes amid growing FX ruble volumes and FX derivatives on the Moscow Exchange, or MOEX, which increased 37% and 112% respectively in 2015.

Bank of America became first non-resident global bank with general clearing membership on the exchange's FX market when it started trading via Merrill Lynch Securities in January.

In February, MOEX saw a record number of active client accounts on its markets, with over 50,000 for derivatives and close to 18,00 for FX.

Igor Marich, head of FX and money markets at the Moscow Exchange, said Markit's solution gives the global FX community easy access to the liquidity the exchange offers.

“Our FX ruble marketplace serves both domestic and international clients and is the most liquid and price attractive ruble trading platform globally," Marich added.

Chris Leaver, managing director and head of business development for MarkitSERV FX, added: "MOEX is one of the fastest growing exchanges and adding it to our platform gives customers access to this important marketplace."