Cutting hedges


For much of 2008, Russia looked set to escape the extreme turmoil that wreaked havoc in Western economies badly hit by the credit crisis. The commodities boom, the engine for Russia's export-led growth and key driver of the strength of the rouble, was still much in evidence. Even though the active-month West Texas Intermediate (WTI) crude oil futures contract on the New York Mercantile Exchange hit a record high of $146.69 a barrel on July 14, 2008, bullish analysts were forecasting its ascent

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Calibrating interest rate curves for a new era

Dmitry Pugachevsky, director of research at Quantifi, explores why building an accurate and robust interest rate curve has considerable implications for a broad range of financial operations – from setting benchmark rates to managing risk – and hinges on…

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