Russian Markets Update
Sergey Romanchuk,
Head Of FX&MM, Metallinvestbank,
NFEA Council Member, President ACI Russia.
FX Committee Chairman, Moscow Exchange
13th International Ruble Settlement Forum, London, 23.04.2013
Table of contents
FX Market volumes


London vs Moscow
Moscow Exchange volumes and structure
Metallinvestbank’s wholesale RUB market platforms utilization
Moscow Exchange innovations
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
OTC Clearing
FX Futures, OIS RUONIA Futures
Financial markets legal base development

OTC Repository Reporting: FX Swap, REPO, FX Spot, Derivatives
Development of settlements: BESP using by Metallinvestbank
13th International Ruble Settlement Forum, London, 23.04.2013
13th International Ruble Settlement Forum, London, 23.04.2013
Interesting Moscow Exchange charts
USDRUB Options: Open Interest
S
Source: Moscow Exchange
13th International Ruble Settlement Forum, London, 23.04.2013
Volume of bank's USDRUB trades for September 2012 via external platforms
20 000 000 000
18 000 000 000
16 000 000 000
14 000 000 000
12 000 000 000
10 000 000 000
TAKE
MAKE
8 000 000 000
6 000 000 000
4 000 000 000
2 000 000 000
13th International Ruble Settlement Forum, London, 23.04.2013
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36
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FX
T
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Moscow Exchange innovations
 OTC Clearing
It is planned to be launched in July 2013 and based on existing market conventions
regarding OTC derivatives valuation. Could be covered 100% by USD or
securities. CCP classification by CBR will help to avoid any significant CVA
changes.
 OIS RUONIA Futures, FX Futures
OIS RUONIA Futures launch today (23APR2013). Trade OIS rate from current tom
value date to quarterly expiration dates.
FX Futures: new currency pairs (USDJPY, USDCHF), move to the new USDRUB
Fixing or Deliverable contracts.
Cross margining for FX spot and FWDS, FX Futures, Cleared OTC Derivatives.
Transition to T+2 settlements for securities trading on ME (already started, T+0 to be
terminated for stocks trading in JUN2013).
13th International Ruble Settlement Forum, London, 23.04.2013
 Financial markets legal base development
 OTC Repository Reporting: FX Swap, REPO, FX Spot, Derivatives
National Settlement Depository has started offering service with marketing period for
FX Swaps (with tenor more then T+2 days) and REPO trades. Mandatory reporting
from NOV2013.
NP RTS looking forward to start nearest time as alternative choice.
USDRUB FX Spot trades reporting will be mandatory as well as all kinds of
derivatives when Repository will be ready to accept.
International agreements (ISDA and ICMA) will be accepted (with CSA)
THIS WILL MAKE RUSSIA NETTING ELIGIBLE FOR INTERNATIONALS SINCE
THEY START REPORTING EVEN BEFORE MANDATORY REPORTING
DEADLINE
13th International Ruble Settlement Forum, London, 23.04.2013
13th International Ruble Settlement Forum, London, 23.04.2013
13th International Ruble Settlement Forum, London, 23.04.2013