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Russian Derivatives Market: expecting the breakthrough Rouble Derivatives in London

Russian Derivatives Market: expecting the breakthrough Rouble Derivatives in London. Danny Corrigan Director, International Business Development. MICEX 18 May 2007. ICAP : Activities.

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Russian Derivatives Market: expecting the breakthrough Rouble Derivatives in London

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  1. Russian Derivatives Market: expecting the breakthroughRouble Derivatives in London Danny Corrigan Director, International Business Development MICEX 18 May 2007

  2. ICAP : Activities • ICAP plc provides independent broking services to commercial & investment banks in the wholesale financial markets via ‘voice’ and electronic means. • Major products: OTC derivatives, fixed income securities, money market products, foreign exchange, energy, credit, and equity derivatives. • HQ London, FTSE 100 company, Market Capitalization RUB 169bn (GBP 3.38bn), Employ 3,070 in 23 financial centres, trade USD1.5 tn daily

  3. ICAP : Ruble Derivative Products traded in London • Non-deliverable forward FX EMTA fix, no movement of principal’ upto 7 years, • Cross currency swaps Ruble fixed, vs 3 month USD LIBOR $25mn’ upto 5 years • Interest rate swaps Ruble fixed vs 3mo MosPrime, Rouble 500mn, upto 7 years • Basis Swaps 3month USD LIBOR vs 3mo MOSPRIME, up to 5 years

  4. ICAP : Ruble Derivative Products traded in London : Participants • International banks with trading hub in London • International banks based in other financial centres: Vienna, Amsterdam, Brussels, Paris, Stockholm • Russian banks in Moscow • International bank subsidiaries in Moscow • In total: over 50 active

  5. ICAP : Ruble Derivative Products traded in London : Drivers • Rouble exposure • Hedging • Funding • Development of a term interest rate curve

  6. ICAP : Ruble Derivative Products traded in London : Issues • Rouble cash settlement • Credit and Credit enhancement: Collateral Margining, ‘Prime’ • Basle 2 : Ratings, Collateral

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