Guidelines for the Development of the Russian Financial Market
Bank of Russia
FINANCIAL SECTOR OVERVIEW
The Central Bank of the Russian Federation
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SECURITIES MARKET (7)
Russian financial market has necessary infrastructure and regulation for trading OTC
Robust legal protection in
place
Enforceability of close-out netting in derivatives and repo markets is
confirmed by relevant legal opinions (ISDA, ICMA)
✓ Russian standard documentation developed by SROs and approved by the
Bank of Russia
Russia adheres to G20 decisions
in respect of OTC derivatives
reforms
✓ Trade reporting to repositories (two authorized repositories available)
✓ National Clearing Centre provides clearing services for OTC trades
Variety of instruments and
service providers
Non-financial counterparties have access to a broad range of hedging.
instruments offered by banks (including structured products)
✓ National Settlement Depository provides collateral management services
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