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A participants view of BESP

A participants view of BESP. Sergey Romanchuk , Deputy Head Of Treasury SCB Metallinvestbank, President ACI Russia. 7 th Russian Ruble Settlement Forum, London, 14.04.2010.

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A participants view of BESP

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  1. A participants view of BESP Sergey Romanchuk, Deputy Head Of Treasury SCB Metallinvestbank, President ACI Russia. 7th Russian Ruble Settlement Forum, London, 14.04.2010

  2. affiliated with ACI – The Financial Markets Association, the largest wholesale association on the international financial market, with about 15 000 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: 7th Russian Ruble Settlement Forum, London, 14.04.2010

  3. is one of the largest operators of the Russian foreign exchange market according to the volume of trading; • - serves a lot of correspondent accounts of variety Russian and international banks; • - is a market maker for the most of existing electronic platforms where RUB is trading (MICEX, ICAP EBS, 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; • is one of the first “participants” of the BESP (July 2007), but is not actually working yet! • contact us rsa@metib.ru Joint Stock Commercial Bank Metallinvestbank: 7th Russian Ruble Settlement Forum, London, 14.04.2010

  4. Problems and weaknesses of the BESP application: • the “critical mass” of the system participants is not enough for the start of the self supporting process; a lot of banks announced as BESP participants are not actually using it; • - the were no incentives for the migration to the BESP in the Moscow region;the current shift system is covering most of the customers needs; • - The tariffs policy of the BESP is not stimulating; • - the costs of the development and support of the two payments systems at the same time in banking software are very high; there are no IT products ready to use; the intraday liquidity is divided between two systems. • BESP participants, currently using it, report technical failures; 7th Russian Ruble Settlement Forum, London, 14.04.2010

  5. Tariffs of the shifts system and BESP • I. Shift payments inside the Moscow region • - first period of time 5,00 • - secondperiod of time7,60 • - thirdperiod of time10,10 • - after 15,10 • III. Payments via BESP • Electronic payments of direct market participants • urgent payments 30,00 • payments on general conditions 25,00 • Discounts in the BESP 7th Russian Ruble Settlement Forum, London, 14.04.2010

  6. Progress on the BESP application: • there is the Associate Member Participant (AMP) status, which solves some problems: it is easy for implementation, liquidity is on the one account; • - all banks will become AMP automatically in the August of 2010, even not doing anything; clients could ask for BESP service from any bank; • - Theability to use BESP gives some favors to the participants already (settlements to MICEX) • - CBR is thinking about measures to support DMP (Direct Member Participants); • CBR announced that BESP will become the prime system for large interbank transactions; • the payments order’s format will be moved to the form to match SWIFT requirements; the final compatibility is planed onfor August 2011; • CBR has a goal to include RUB to the list of CLS currencies; 7th Russian Ruble Settlement Forum, London, 14.04.2010

  7. Prospects: • BESP will be the main settlement system in Russia in 2011 • Prime Brokerage service for FX RUB trading will become available soon • RUB will be CLS currency in the reasonable future • All this will help RUB to become the really international currency 7th Russian Ruble Settlement Forum, London, 14.04.2010

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