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ISLA Supplement Profiles: Russia
21 July 2010
High operational risk caused by a fractured financial infrastructure and difficult legal conditions is threatening to stop the Russian securities lending market from realising its full potential
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[Russia securities finance lending ISLA]
High operational risk caused by a fractured financial infrastructure and difficult legal conditions is threatening to stop the Russian securities lending market from realising its full potential, say participants in the country.
By being named as one of the BRIC countries, Russia has been identified as a market that could be ripe for success yet there are still a number of obstacles that have to be overcome if it is to really take off.
In Russia there are two exchanges and despositaries rather than one centralised one. Each exchange is linked to a particular depositary system and most of the liquidity is in the Micex exchange which, for the time being, only settles in rubles.
This is one of the main problems to the development of securities lending in the country because a lot of the international players don’t want to settle in rubles. If they are looking at trading...
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