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Rouble Settlement Forum 2007 – 2009 Has Anything Changed ?

Rouble Settlement Forum 2007 – 2009 Has Anything Changed ?. Duncan Lord Director Barclays Capital. Rouble Forum 2007. Original member of a group of 6 Banks brought together to discuss issues relating to settlement of the Russian Rouble in order to : Share Common Issues

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Rouble Settlement Forum 2007 – 2009 Has Anything Changed ?

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  1. Rouble Settlement Forum2007 – 2009Has Anything Changed ? Duncan Lord Director Barclays Capital

  2. Rouble Forum 2007 Original member of a group of 6 Banks brought together to discuss issues relating to settlement of the Russian Rouble in order to : • Share Common Issues • Discuss Strategies used to overcome issues • Suggest new requirements

  3. Issues Discussed • Current 5 shift payment system could result in high level of settlement failures and therefore losses and compensation claims. • Lack of Intraday Overdraft Limits thus causing liquidity issues. • Apparent lack of Straight Through Processing • Payment orders manually re entered at correspondent. • Payment re entered by correspondent into Cyrillics. • Specific information required unique to Russian Payment System. • No SWIFT message standards.

  4. Recommendations • Implementation of a Real Time Gross Settlement System to replace current 5 shift payment system is essential • In meantime correspondent Banks to ensure payments executed in shifts 1 and 2 but no later than shift 3 to ensure timely settlement. • More correspondent Banks to offer Intraday Overdraft Limits • Standardise message formatting so that all messages to correspondent Banks are in same SWIFT format

  5. 2009 What’s Changed ? • The BESP system (RTGS) implemented and live but does not have critical mass . • Still issues with payment formatting. • Intraday limits are available but only on a limited basis. So costs continue to be incurred through over funding of Rouble account or payment failures.

  6. DISCUSSION Would appreciate hearing view of other Banks !

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