Russia limits swap reporting scope

Dealers cheer decision to limit affected counterparties

Bank of Russia
Central Bank of Russia

Dealers have welcomed a postponement and rethink of Russian derivatives reporting requirements, saying it could make it simpler to apply close-out netting in the country. Uniquely, Russian authorities made compliance with the reporting rules a prerequisite for netting to be allowed.

The Central Bank of Russia released an ordinance on September 25 that delays mandatory reporting until April 2015, limiting its scope to Russian financial institutions, and only requiring trades that are covered by I

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