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. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Rouble still held back by post-trade issues

This story was first published on theweeklyFiX, for more details please click here

In early May, Icap hosted the fifth International Rouble Settlement Forum at its London headquarters. The meeting was chaired once again by Darryl Hooker, global emerging market manager at Icap Electronic Broking. Hooker has played a key role in bringing together a diverse range of market participants to try to drag the rouble market into the 21st century and no doubt he will have been pleased to see the forum so well attended; for the first time, representatives from CLS, Swift and the Russian central bank were all brought together in one room.

Big problems still exist in rouble settlement, but some progress has been made. The Banking Electronic Speedy Payment System (Besp) is now up and running and starting to attract wider membership. But this has not yet replaced the older IRS settlement system, which has five time periods for payments to be made and received.

The result is that foreign banks have had to split their liquidity to ensure that they do not go overdrawn on their nostros, a problem exacerbated, according to Duncan Lord of Barclays Capital, because of the way payments are made and received in the old IRS system.

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.


Unlimited access to and

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


Unlimited access to and, 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


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