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A participants view of BESP
Sergey Romanchuk, Deputy Head Of TreasurySCB Metallinvestbank, President ACI Russia.
7th Russian Ruble Settlement Forum, London, 14.04.2010
ACI Russia:
7th Russian Ruble Settlement Forum, London, 14.04.2010
- affiliated with ACI – The Financial Markets Association, the largest wholesale association on the international financial market, with about 15 000 members from 80 countries, with 68 national associations .
- assists Russian banks and other financial institutions to become the part of the international financial market;
- conducts seminars, meetings and other events devoted to the problems of the international foreign exchange market, the national economy and the banking system;
- provides the network for the technology interchange;
- works as gateway to Russian FX&MM for foreign companies.
- you could contact ACI Russia on any queries and for the help regarding Russian market: [email protected], www.aci-russia.ru
Joint Stock Commercial Bank Metallinvestbank:
7th Russian Ruble Settlement Forum, London, 14.04.2010
- is one of the largest operators of the Russian foreign exchange market according to the volume of trading;
- serves a lot of correspondent accounts of variety Russian and international banks;
- is a market maker for the most of existing electronic platforms where RUB is trading (MICEX, ICAP EBS, CME, RTS) ;
- is trying to be on the edge of the technical decisions, providing trading and settlements in rubles;
- is consistently working on developing Russian FX and MM, supporting markets initiatives;
-is one of the first “participants” of the BESP (July 2007), but is not actually working yet!
- contact us [email protected]
Problems and weaknesses of the BESP application:
7th Russian Ruble Settlement Forum, London, 14.04.2010
- the “critical mass” of the system participants is not enough for the start of the self supporting process; a lot of banks announced as BESP participants are not actually using it;
- the were no incentives for the migration to the BESP in the Moscow region; the current shift system is covering most of the customers needs;
- The tariffs policy of the BESP is not stimulating;
- the costs of the development and support of the two payments systems at the same time in banking software are very high; there are no IT products ready to use; the intraday liquidity is divided between two systems.
- BESP participants, currently using it, report technical failures;
Tariffs of the shifts system and BESP
7th Russian Ruble Settlement Forum, London, 14.04.2010
I. Shift payments inside the Moscow region - first period of time 5,00- second period of time 7,60 - third period of time 10,10 - after 15,10
III. Payments via BESP 1) Electronic payments of direct market participants
urgent payments 30,00 payments on general conditions 25,00
Discounts in the BESP
Number pf payments Discount rate, %
От 5001 до 10000 0,1%
… …
More then 40001 (maximum discount) 0,5%
Progress on the BESP application:
7th Russian Ruble Settlement Forum, London, 14.04.2010
- there is the Associate Member Participant (AMP) status, which solves some problems: it is easy for implementation, liquidity is on the one account;
- all banks will become AMP automatically in the August of 2010, even not doing anything; clients could ask for BESP service from any bank;
- The ability to use BESP gives some favors to the participants already (settlements to MICEX)
- CBR is thinking about measures to support DMP (Direct Member Participants);
- CBR announced that BESP will become the prime system for large interbank transactions;
- the payments order’s format will be moved to the form to match SWIFT requirements; the final compatibility is planed on for August 2011;
-CBR has a goal to include RUB to the list of CLS currencies;
Prospects:
7th Russian Ruble Settlement Forum, London, 14.04.2010
- BESP will be the main settlement system in Russia in 2011
-Prime Brokerage service for FX RUB trading will become available soon
- RUB will be CLS currency in the reasonable future
- All this will help RUB to become the really international currency