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Derivatives in Russia: some problems and opportunities.

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.

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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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