Russian derivatives market expecting the breakthrough rouble derivatives in london
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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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Russian derivatives market expecting the breakthrough rouble derivatives in london

Russian Derivatives Market: expecting the breakthroughRouble Derivatives in London

Danny Corrigan

Director, International Business Development

MICEX 18 May 2007


Icap activities

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


Icap ruble derivative products traded in london

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


Icap ruble derivative products traded in london participants

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


Icap ruble derivative products traded in london drivers

ICAP : Ruble Derivative Products traded in London : Drivers

  • Rouble exposure

  • Hedging

  • Funding

  • Development of a term interest rate curve


Icap ruble derivative products traded in london issues

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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