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“Russia has ambitions to become a G8 and reserve currency. We have serious doubts about this aim unless Russia reforms its settlement system. The issue is not a technological one but a political one” |
Market participants are keen to address the settlement problem. “At the start of the year, we met with the Russian central bank and discussed settlement. This is seen by many as the biggest issue in the market,” says Darryl Hooker, emerging market manager at Icap Electronic Broking.
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