OREANDA-NEWS. December 23, 2008. Alfa-Direct now offers a new service: corporate and individual investors resident in the Russian Federation who have a brokerage account with Alfa-Bank can now buy and sell foreign-currency assets such as Eurobonds and American Depositary Receipts (ADR) traded on the London Stock Exchange (LSE). The transactions with Alfa-Direct will be in rubles, reported the press-centre of Alfa-Bank.

The advantage of this new service is that investors do not need to enter into any agreements with foreign parties and transfer foreign currency to overseas accounts. Investors will be able to trade in Eurobonds and ADRs using the same Alfa-Bank brokerage account they use to buy and sell shares on the MICEX stock exchange.

In addition, Alfa-Bank, as the intermediary between the client and the exchange, will act as a licensed professional participant and tax agent responsible for withholding income tax from clients.

To start trading these securities, including shares on the MICEX and RTS, an investor needs to open a brokerage account with Alfa-Bank, install the free Alfa-Direct Internet trading system, put some money on the account (which can be done using Alfa-Click Internet banking) and submit an application to trade securities.

Sergey Ryebakov, Sales & Marketing Director (Alfa-Direct services), said: "Caused by the ruble gradual devaluation, both individuals and companies in Russia continue their flight away from domestic currency. It seems that the population financial literacy is getting improved as people increasingly tend not just to buy foreign currency, but draw their attention to the eurobonds hedging them against exchange risks and ensuring fixed income. The new service of Alfa-Direct is aimed to satisfy this demand, making it specifically interesting today".