THE ESSENCE AND DEVELOPMENT PERSPECTIVES OF RUSSIAN KERB REPOSITORY


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Abstract

The development of over-the-counter (OTC) market of the derivative financial instruments requires the increased control and supervision since the derivatives are classified as the high-risk financial instruments. After the global financial crisis of 2008, the representatives of the countries with the greatest influence on the world economy gathered at the G-20 Summit to finalize the cooperative efforts to prevent new crises associated with the derivatives. The creation of repository institute is one of the agreed measures. A repository is a company keeping records of transactions with the derivative financial instruments concluded in the OTC market. The establishment of trade repository institute is one of the main measures for control and supervision of the OTC market of derivative financial instruments.

The paper covers the study of Russian trade repository, describes the essence of a trade repository, the prerequisites for its creation, and the prospecting directions for the development of Russian trade repository system.

SWOT analysis of Russian trade repository was conducted during the study. Through this, it was identified how the competition between the over-the-counter repositories will allow forming the reasonable price for data accounting services and determined the Russian trade repositories’ need for bringing of their regulatory framework into accordance with the international norms of over-the-counter transactions accounting.

Based on the results of the study, the authors proposed to increase the control of Central Bank of Russia over the pricing of trade repository tariffs since the commission fee for the OTC transactions’ information recording and storage should not cause serious costs for the parties concluding contracts. The paper identifies the necessity to bring the standards of Russian trade repositories into accordance with the requirements of the European Securities and Markets Authority. This will allow increasing the number of OTC transactions with foreign investors and establishing the partnership relations with the European financial institutions.

About the authors

Elena Viktorovna Konvisarova

Vladivostok State University of Economics and Service, Vladivostok

Email: elena.konvisarova@vvsu.ru

PhD (Economics), Professor

Russian Federation

Aleksey Alikovich Khvan

Vladivostok State University of Economics and Service, Vladivostok

Author for correspondence.
Email: joker199343@mail.ru

student

Russian Federation

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