NFEA Russian Rates Derivatives 2012. Infrastructure: Trading, Settlement & Repository Danny Corrigan, Managing Director, Ruble, ICAP 13 March 2012.

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Presentation transcript:

NFEA Russian Rates Derivatives Infrastructure: Trading, Settlement & Repository Danny Corrigan, Managing Director, Ruble, ICAP 13 March 2012

Date EventNew GovernmentIntl trading of Gazprom shares FX Controls lifted Derivatives ‘not gaming’ RUB bank accounts opened Automated trading, DMA Russian ISDA developed SWIFT open office in Moscow Merger or MICEX-RTS Many more RUB accounts opened RUONIA fixing Feb ‘On Clearing & Clearing Activities’ & ‘ Amending Law’ CLS ‘Kick off’ meeting CurrencyUSDUSD, RUB ProductsEurobonds Domestic Equities ADRs & GDRs Eurobonds Domestic equities ADRs & GDRs Spot FX (small) NDFs (off shore, EMTA fix) Eurobonds Domestic equities ADRs & GDRs Spot FX Forward FX Swaps (CCS, IRS, Basis) Eurobonds Domestic equities ADRs & GDRs (10years of LSE IOB) Spot FX Forward FX Swaps (CCS, IRS, Basis) OIS SettlementEuroclear DTC Domestic Euroclear DTC Domestic Euroclear DTC Domestic Derivatives: USD settled Euroclear DTC Domestic Derivatives: USD & RUB settled Local PresenceFew active. Deal from London More active Deal from London & H.Q Resident international banks re-capitalised. Deal London, H.Q., Moscow Deal Moscow, London, H.Q Russian Financial Markets – Recent History

Russian Financial Markets -Future Developments Date EventNew Government Central Depository Act & Federal Exchange & On Organised Trading Act Enacted Merger of MICEX-RTS, Single CSD Russian Trade Depository established (June) Close-out netting under master agreements, legal opinions Further adoption of CCP offerings Continuing adoption of SWIFT messaging & protocols Simplification of securities issuance procedure Securitization of financial assets, improvement of mortgage securities legislation Shareholder rights in M&A Disclosure of beneficial equity owners Bond holder rights protected Expand pension products Tax incentives for investments Ruble CLS currency RDRs SettlementAccess by Euroclear & Clearstream to settlement of bonds & equities at NSD Nominee accounts to be opened SEC Reg 17f-7 (Custody with foreign securities depository) DR restrictions modified DevelopmentFurther development of Exchange, Clearing & Settlement infrastructure and at membership level MembershipWTO IOSCO RTGS adopted via BESP CLS

Contact details Danny Corrigan, ICAP Europe Tel: Mob: