04 March 2004 07:46
CBR ASKS EXCHANGES TO CONSOLIDATE TO DEVELOP DERIVATIVES MARKET
MOSCOW. March 4 (Interfax) - Russian trading floors need to consolidate to develop the derivatives market, otherwise,
when the new law on currency regulation comes into force in June, they may be traded on international exchanges,
director of the bank's financial markets department Sergei Shvetsov said.
The problems of developing a financial instrument derivatives market lie not only in underdeveloped legislation, but
in the narrowness of domestic infrastructure for trading these instruments, he said.
The narrow infrastructure prevents the establishment of several trading floors, which is why consolidation is
necessary. If there is no consolidation, derivatives will be floated on foreign trading floors and will satisfy the
needs of companies, speculators and government bodies, he said.
Shvetsov asked exchanges to consider this issue and discuss approaches to consolidation.
[Interfax] |
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