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Derivatives in Russia: some problems and opportunities.

This article discusses the challenges and potential for derivatives trading in Russia, with a focus on the regulatory environment, market initiatives, and technical decisions. It also highlights the efforts of ACI Russia and Metallinvestbank in promoting the Russian foreign exchange and money market. The article concludes by examining the problems and opportunities in the Russian rates derivatives market.

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Derivatives in Russia: some problems and opportunities.

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  1. Derivatives in Russia: some problems and opportunities. Sergey Romanchuk, Head Of FX&MM SCB Metallinvestbank, President ACI Russia. 6-th International Conference “RUSSIAN RATES DERIVATIVES 2012: NEW ENVIRONMENT?”, London, 14.03.2012

  2. affiliated with ACI – The Financial Markets Association, the largest wholesale association on the international financial market, with about 13 500 members from 80 countries, with 68 national associations . • - assists Russian banks and other financial institutions to become the part of the international financial market; • - conducts seminars, meetings and other events devoted to the problems of the international foreign exchange market, the national economy and the banking system; • provides the network for the technology interchange; • works as gateway to Russian FX&MM for foreign companies. • you could contact ACI Russia on any queries and for the help regarding Russian market: council@aci-russia.ru, www.aci-russia.ru ACI Russia: 6-th International Conference “RUSSIAN RATES DERIVATIVES 2012: NEW ENVIRONMENT?”, London, 14.03.2012

  3. is one of the largest operators of the Russian foreign exchange market according to the volume of trading; • - is a market maker for the most of existing electronic platforms where RUB FX and IR are trading (MICEX, ICAP EBS, Reuters Matching, CME, RTS) ;- is trying to be on the edge of the technical decisions, providing trading and settlements in rubles; • is consistently working on developing Russian FX and MM, supporting markets initiatives; • the only one market maker providing streaming prices for IR Futures (MICEX). • contact us fxmm@metib.ru Joint Stock Commercial Bank Metallinvestbank: 6-th International Conference “RUSSIAN RATES DERIVATIVES 2012: NEW ENVIRONMENT? , London, 14.03.2012

  4. - new initiatives with close-out netting are not working yet due to delay in Federal Service for Financial Markets and lack of facilities (repository) • - it’s still questionable how cross border transactions will be managed under new regulations setup. • new accounting rules for Russian banks contain simple mistakes which does not allow local banks to increase derivatives exposure at current state. • Letter of CBR 02.02.2012 N10-T “About risk calculations for derivatives” which stipulates: • In accordance with statute of CBR N215-P “About methodology of calculation of the capital of credit organizations” profits and losses classified by bank as derivative are not included into the calculation of the own capital. • For calculation of the norm of capital sufficiency (N1) the order of calculation of the risk should be kept in accordance with Instruction of CBR N110-I 16.01.2004 and does not include incomes from derivatives. Problems : 6-th International Conference “RUSSIAN RATES DERIVATIVES 2012: NEW ENVIRONMENT?” , London, 14.03.2012

  5. Opportunities MICEX Interest Rates Futures: - FX Swaps with CCP – NCC 1D-6M coming in April - OIS with CCP – NCC up to 6M – coming soon 6-th International Conference “RUSSIAN RATES DERIVATIVES 2012: NEW ENVIRONMENT?” , London, 14.03.2012

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