Creation of a trade repository in Russia in light of global trends on the world derivatives market Moscow 2011.

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Presentation transcript:

Creation of a trade repository in Russia in light of global trends on the world derivatives market Moscow 2011

New financial regulations on the US and EU markets Lack of information regarding the OTC market Challenges of Instability on the financial markets Dodd-Frank (2010) Basel III (soon) EMIR (2011)

G20 and CPSS/IOSCO recommendations G20 Standardization of contracts CCP clearing Exchange or electronic platform trading Reporting to trade repositories CPSS/IOSCO Transaction-level data reporting Effective access of authorities to repository data Standardized legal entity identification Development of classification for OTC derivatives Both G20 and CPSS/IOSCO emphasized the role of trade repositories in further development of OTC derivatives market

Russian OTC repo and derivatives market Key weaknesses: Weak reporting standards No trade repository as of now No CCP for clearing derivatives The risk of collapsing in crisis situation due to participants’ defaults The fear of second wave of crisis on the market The main problems are much the same as on the foreign markets

Russian legislation progress towards a trade repository Changes to the laws “On Banks and Banking Activity”, “On Securities Market”, “On Bankruptcy” Law “On Clearing Activity” By-laws of FFMS to setup regulatory standards for submitting and storing information (OTC repos and derivatives reporting) New Soon Close-out netting Trade repository (repos and derivatives)

Who needs a trade repository Market participants Efficient mechanism of close-out netting Reliable market statistics Possibility for development additional services by trade repository (registration and administration of derivative contracts) Regulators More detailed information regarding OTC repo and derivatives market Possibility to implement new regulatory standards

Creation of a trade repository by NSD Existing EDI technology Databases and protection mechanisms Wide number of NSD customers and EDI members Simple standards for submitting information Processing speed and reliability Easy access NSD

Contacts  Client Services Division: Tel.: +7 (495) /91/92/93; +7 (495) ; +7(495) ; +7 (495)  Client Relations Development Department: Tel.: +7 (495)  Web-sites:  Address: 13, bldg. 1, Mashkova St., Moscow, , Russia 8