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Russian derivatives

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When the Russian courts ruled that billions of dollars of currency forwards transactions were illegal during the country’s financial crash in 1998, the non-deliverable derivatives market in Russia effectively closed.

The move was widely viewed as a bail-out option for cash-strapped Russian banks, which, according to Moscow-based securities firm Troika Dialog, were short some $6.5 billion in currency forwards offered as currency hedges for foreign investments in short-dated Russian rouble governm

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