俄罗斯期货市场走上改革之路

Russia's futures markets on the reform path

该文介绍了俄罗斯期货市场近年来的发展改革步伐,其两个主要的衍生品交易所——莫斯科银行间货币交易所和俄罗斯交易系统期权部正在迅速成长,以实现现代化,一部分西方银行已经成它们的会员;交易所已建立了独立的清算组织来为交易提供中央对手方服务。为了改善法律环境和降低衍生品市场的操作风险,俄罗斯正在进行多项重要改革。

This paper introduces the path of development and reform in Russia＇s futures markets in recent years. Russia＇s two main derivatives exchanges, the Moscow Interbank Currency Exchange （Micex） and Futures on the Russian Trading System （Forts） are growing rapidly and modernizing, and a handful of Western banks have become members of the exchanges. The two exchanges have established independent clearing organizations to address the need for central ceunterparty. To improve the legal environment and reduce the risks of operating in the derivatives markets, a number of important reforms are under way in Russia.