The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

Russia: Rouble moves mainstream

Status boosted by the February decisions of EBS to list it on its screens and of Euroclear to accept it as a settlement currency.

The announcement on February 12 by Icap that its spot foreign exchange platform, EBS, had launched rouble trading appears to have been warmly received by most market participants. A day later, Euroclear, the pan-European central securities depositary, said that it would now accept the rouble as a settlement currency.

Asked for his view on EBS’s decision, a senior figure at a major emerging markets player says: "It looks good to me. It should really compress brokerage as the currency makes the shift from NDF (non-deliverable forward) to deliverable."

Igor Souzdaltsev, president of ACI Russia, the FX industry’s trade body, and head of financial institutions at Investsberbank Moscow, adds: "I see it as a very good thing that will strongly support our move for strengthening of the rouble to the level of world’s reserve currency." While Souzdaltsev’s view may be overly optimistic, there is no doubt that FX turnover in Russia is expanding. According to ACI Russia, annual turnover grew from $7.3 trillion in 2005 to $9.5 trillion in 2006.

EBS has made the rouble available for trading against the US dollar with a one-day value date. In a press release, Darryl Hooker, EBS’s emerging markets, developing currencies and precious metals manager, says: "Rouble traders have told us they need access to the electronic global book on one dealing screen and for price, depth and liquidity and for access to trading on the G7 currencies.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree