Markets: Russia Russia
Russia

CME/EMTA Ruble/ USD Reference Rate

KEY INDUSTRY VIEWS: RUSSIA

NEW DEVELOPMENTS 

September 15, 2014
US and EU Impose Additional Sanctions on Russia – Dechert Memorandum.

Sanctions Update – Cadwalader, Wickersham & Taft Memorandum.

Ukraine-Related Sanctions: EU Strengthens Sectoral Sanctions Against Russian Economic Interests, and Lists Additional Sanctioned Persons – Clear Gottlieb Steen & Hamilton Memorandum.

September 14, 2014
Ukraine-related Sanctions: Expanded U.S. Sanctions Against Russian Financial, Energy, and Defense Sectors – Cleary Gottlieb Steen and Hamilton Memorandum.

September 2, 2014
Sanctions Update (Australia) – Cadwalader, Wickersham & Taft Memorandum.

August 15, 2014
Russia Responds to Ukraine Sanctions with Ban on Certain Food Imports from the EU, USA, Canada, Australia and Norway - Cleary Gottlieb Steen & Hamilton Memorandum.

August 14, 2014
OFAC Issues New Guidance on Entities Owned by Blocked Persons – Cleary Gottlieb Steen & Hamilton Memorandum.

August 13, 2014
Sanctions Update - Cadwalader, Wickersham & Taft Memorandum.

August 8, 2014
Sanctions Summary – Cadwalader, Wickersham & Taft Memorandum.

August 4, 2014
Ukraine-Related Sanctions – Sullivan & Cromwell Memorandum.

August 1, 2014
EU Imposes Wide-Ranging Sectoral Sanctions Against Russia – Cleary Gottlieb Steen & Hamilton Memorandum. 

July 31, 2014
Sanctions Summary – Cadwalader, Wickersham & Taft Memorandum.

July 30, 2014
Sanctions Summary – Cadwalader, Wickersham & Taft Memorandum.

July 29, 2014
Sanction Update – Cadwalader, Wickersham & Taft Memorandum.

July 25, 2014
Ukraine-Related Sanctions – Sullivan & Cromwell Memorandum.

Ukraine-Related Developments – Cadwalader, Wickersham & Taft Memorandum.

July 17, 2014
Ukraine-Related Sanctions – Cleary Gottlieb Memorandum.

U.S. Significantly Expands Ukraine-Related Sanctions; Europe Announces New Measures – Cadwalader, Wickersham & Taft Memorandum.

Additional US and EU Sanctions Imposed on Russia and the Russian Government Reaction - Dechert Memorandum.

July 16, 2014
OFAC Russia Sanctions, FAQOFAC General License and Draft EU Conclusions.

June 23, 2014
Russia Sanctions Update – Cadwalader, Wickersham & Taft Memorandum.

Canada Imposes Sanctions on Ukrainian and Russian Individuals – Cadwalader, Wickersham & Taft Memorandum. 

EMTA Special Seminar: Russia/Ukraine: An Update

June 6, 2014
EMTA Special Seminar: Russia/Ukraine: An Update to be Held in NYC on June 23, 2014. Click Here to Register

May 20, 2014
Twelve More Russians Sanctioned under Magnitsky Act – Cadwalader, Wickersham & Taft Memorandum.

May 16, 2014
Sanctions Update – Cadwalader, Wickersham & Taft Memorandum.

May 14, 2014
Best Practices in Economic Sanctions Compliance: Russia Case Study – Richards Kibbe & Orbe Memorandum.

May 6, 2014
Canada Announces Sanctions Against Russian Entities – Cadwalader, Wickersham & Taft Memorandum.

May 2, 2014
Ukraine-Related Sanctions Sullivan & Cromwell Memorandum.

April 29, 2014
Further Ukraine-Related Sanctions from EU and Japan – Cadwalader, Wickersham & Taft  Memorandum. 

April 24, 2014
Standard & Poor’s Downgrades Russia’s Long-Term Foreign Currency Sovereign Credit Rating from BBB to BBB-.

March 21, 2014
Further Developments in US Sanctions Relating to Ukraine - Cleary Gottlieb Memorandum.

March 20, 2014
More Russians Sanctioned (with Turza Comment) – Clifford Chance Memorandum.

US Executive Order Blocking Property of Additional Persons Contributing to the Situation in Ukraine.

March 19, 2014
Ukraine-Related Economic Sanctions: U.S. and EU Adopt Economic Sanctions in Response to the Current Situation in Ukraine; Additional Measures Likely if Current Situation Persists or Escalates Sullivan & Cromwell Memorandum.

March 17, 2014
Council Decision [of the Council of the European Union] 2014/145/CFSP Concerning Restrictive Measures in Respect of Actions Undermining or Threatening the Territorial Integrity, Sovereignty and Independence of Ukraine.

Council Regulation (EU) No 269/2014 Concerning Restrictive Measures in Respect of Actions Undermining or Threatening the Territorial Integrity, Sovereignty and Independence of Ukraine.

March 11, 2014
Ukrainian Sanctions – Cadwalader, Wickersham & Taft Memorandum.

Ukraine: EU and US Impose Financial Sanctions Clifford Chance Memorandum.  

March 6, 2014
President Obama Issues Executive Order No. 13660 under the International Emergency Economic Powers Act.  

HM Treasury issues Financial Sanctions Notice in respect of certain Ukrainian assets and activities related thereto.

March 5, 2014
Council Decision [of the Council of the European Union] 2014/119/CFSP Concerning Restrictive Measures Directed Against Certain Persons, Entities and Bodies in View of the Situation in Ukraine.

June 11, 2012
EMTA Issues its Recommended FX and Currency Derivatives on Monitoring RUB/USD Barrier Option Transactions.  CLICK HERE to view this Market Practice Market Practice No. 66.

June 11, 2012
EMTA Issues its Recommended FX and Currency Derivatives on Monitoring RUB/USD Barrier Option Transactions.  CLICK HERE to view this Market Practice Market Practice No. 66.

November 3, 2011
Recommended FX and Currency Derivatives Practice on Expiration Times for Russian Ruble Currency Option Transactions. 

July 4, 2011
Press Release from MICEX Regarding Extension of Trading Hours.   

December 1, 2009

Russian FTO Exchange Press Release. 

November 27, 2009

Russian Finance Ministry Launches Third Offer of Eurobonds for FTO Debt. 

February 4, 2009

Fitch Downgrades Russia's Long-Term Issuer Default Rating from BBB+ to BBB. 

December 11, 2008

EMTA publishes Recommended FX and Currency Derivatives Market Practice No. 49 for RUB/USD NDF and NDO Transactions. 

December 8, 2008

Standard & Poor's Downgrades Russia's Foreign-Currency Sovereign Credit Rating from BBB+ to BBB. 

July 16, 2008

Moody's Upgrades Russia's Government Bond Rating from Baa2 to Baa1. 

December 5, 2007

"The Economic and Political Outlook for Russia." Presentation by Anders Aslund, Senior Fellow at the Peterson Institute for International Economics at EMTA's Annual Meeting. 

EMTA Annual Meeting Sell Side Panel - Market Views on Key Variables for 2008. 

November 29, 2007

Anders Aslund, Senior Fellow at Peterson Institute for International Economics, to Deliver Keynote Address at EMTA's Annual Meeting on Wednesday, December 5, 2007. Click Here to Register.

"Russia’s Capitalist Revolution: Why Market Reform Succeeded and Democracy Failed" by Anders Aslund Is Now Available - Click Here for More Information.

April 19, 2007

"Putin's Political Legacy: Stability or Sclerosis?" Presentation by Larry Brainard, Trusted Sources, at EMTA Spring Forum. 

September 15, 2006

Russian Ministry of Finance Announces Second Tranche of Former USSR FTO Debt Exchange Has Been Launched. 

September 4, 2006

Standard & Poor's Upgrades the Russian Federation's Long-Term Foreign Currency Rating to BBB+. 

August 22, 2006

Standard & Poor's Upgrades Aries Rating to AAA Following Russian Paris Club Prepayment. 

July 31, 2006

Russian Ministry of Finance Announces Second Tranche of Former USSR FTO Debt Exchange. 

July 25, 2006

Fitch Upgrades Russia's Foreign Currency Rating to BBB+.  

December 15, 2005

Standard & Poor’s Upgrades Russian Long-Term Foreign Currency Rating to BBB. 

August 3, 2005

Fitch Upgrades Russia to BBB. 

May 20, 2005

New and Amended Russian Ruble Rate Source Definitions Announced by EMTA, ISDA and the FXC.  

May 13, 2005

Paris Club Accepts Russia's Offer to Prepay US$ 15 Billion of Its Debt. 

May 3, 2005

EMTA publishes standard terms (and related documentation) for Russian Ruble/U.S. Dollar non-deliverable foreign exchange transactions, and in conjunction with the Chicago Mercantile Exchange updates the methodology for the daily CME EMTA Reference Rate.

  • Click Here for NDF Market Practice 35
  • Click Here for the RUB/USD Template Terms for Non-Deliverable FX Transactions
  • Click Here for updated CME/EMTA Reference Rate Methodology
  • Click Here for EMTA RUB Indicative Survey Rate Methodology  
 

January 31, 2005

Standard & Poor’s Upgrades Russian Long-Term Foreign Currency Rating to Investment Grade.  

Standard & Poor’s Upgrades Mexico’s Long-Term Foreign Currency Rating to BBB.  

November 18, 2004

Fitch Upgrades Russia to Investment Grade. 

June 24, 2004

S&P Issues Report on Aries Vermogensverwaltungs GmbH, Russian Federation Sovereign Credit-Linked Notes.  

April 12, 2004

EMCA Letter to Russian Government Officials Regarding FTO Debt. 

May 23, 2003

EM Sovereign Bond Documentation Charts for Brazil, Mexico and South Africa, as well as for 2000 Ecuador and Russia. 

October 25, 2002

For Information on the FTO Trade Debt Restructuring, visit the Russia Ministry of Finance Website at www.minfin.ru/ex_debt/debt.htm. 

March 18, 2002

FTO Debt Exchange Materials Now Available. Eligible Holders May Obtain Documents from EMTA by Clicking Here or Calling 646-637-9100.

February 4, 2002

"Truth and Confidence," Presentation by Igor Kostikov, Chairman of the Russian Federal Commission for the Securities Markets at a Special EMTA Meeting.  

January 16, 2002

Igor Kostikov, Chairman of the Russian Federal Commission for the Securities Market, to Speak at Special EMTA Meeting on February 4.
Click Here to Register.

September 7, 2000

Russia Announces that Over 99% in Aggregate Amount of Prins and 98% in Aggregate Amount of IANs were Tendered in its Exchange Offer. Contact UBS Warburg by September 13, 2000 in Order to Participate in Extension.  

August 28, 2000

EMTA Announces Multilateral Net Delivery Facility for Negative Accrued Period Claims.

August 23, 2000

Market Practice for Russia 2010 Bonds Now Available.  

Transfer Certificates for Transfers Between the Reg S and 144A Branches of Russia and Ecuador Bonds Now Available. 

August 22, 2000

WI Trades of Ecuador Bonds Should Settle on August 28, 2000 with 5 Days of Accrued Interest from August 23, 2000 to August 28, 2000.

WI Trades of Russia Bonds Should Settle on August 30, 2000 with 150 days of Accrued Interest from March 31, 2000 to August 30, 2000.

Market Practice for W/I Trades of Russia Bonds. 

August 18, 2000 +++

Market Practices Now Available for (1) Negative Accrued Period Claims for Russia Prin Trades, (2) Participation Deliveries for Russia Prin Trades and (3) Failed Deliveries of Russia Bonds Prior to the Expiration Date of the Russia Restructuring Offer and Failed Deliveries of Ecuador Bonds Prior to the Expiration Date of the Ecuador Exchange Offer.  

Market Practices for failed deliveries of Russia Bonds prior to the expiration date of the Russia Restructuring Offer and failed deliveries of Ecuador Bonds prior to the expiration date of the Ecuador Exchange Offer.

Market Practices for participation deliveries for Russia Prin Trades.

Market Practices for Negative Accrued Period Claims for Russia Prin Trades. 

August 14, 2000

Russia's Finance Ministry Has Announced that it will Continue to Accept Letters of Transmittal in Connection with its Offer to Exchange Outstanding Prin and IAN Debt for New 10- and 30-Year Eurobond Debt Until Thursday, August 17, 2000, at 5:00 P.M. (London Time) in Order to Allow Creditors Additional Processing Time. The Exchange Offer is Still Expected to be Completed, as Previously Scheduled, on Friday, August 25, 2000.

August 11, 2000

Revised Draft Market Practices for Failed Trades of IANs and Ecuador Bonds, and Draft Market Practices for Claims in Respect of Russia Assignment or Participation Trades Settled During the 'Negative Accrued Period' and Delivery Obligations under Existing Russia Participations are being Distributed for Comment.
Please contact Aviva Werner with any comments ASAP.

August 9, 2000

WI Trades of Russia 2010 Bonds -- Important Clarification on the Delivery of Settlement Instructions into the Clearing Systems.

August 8, 2000

Draft EMTA Market Practice for Failed Trades of Russian IANs and Ecuador Bonds Distributed for Comment.
Please contact Aviva Werner with any comments ASAP since the Market Practice is expected to be finalized no later than August 11, 2000.

July 26, 2000

EMTA Recommends Market Practices for W/I Trading in 2010 Russian Eurobonds Pre- and Post-July 13, 2000.  

July 20, 2000

Russia Requests Prin Holders to Stop Trading on Friday, July 28, 2000, and to Settle any Trades of Prins no Later than Thursday, August 3, 2000.  

July 13, 2000

Clarification Memorandum on Settlements of Russia WI Trades of 2010 and 2030 Eurobonds After the Closing Date of Russia's Exchange Offer.  

June 1, 2000

Bank of America Announces New Interest Period (June 2, 2000 - December 4, 2000) for VEB Restructured Loans, with 7.9375% Interest Rate for USD Loans.

May 26, 2000

EMTA Announces Current & Historical CME/EMTA Ruble Rates Now Available on the EMTA Website. 

April 17, 2000

EMTA Recommends Market Practices for Options on Tendered Russian Prins Relating to the Treatment of Interest Payments.  

January 27, 2000++

Market Practice for the trading of new designated Vnesh USD Tranche 1 Loan. 

May 27, 1999

Market Practice for the trading of Russian VEB IAN's. 

November 21, 1998

Market Practice for the trading of Russian Prins. 

March 16, 1998

Additional Market Practices for Russia VEB Restructured Loans. 

February 13, 1998

Market Practice for the batch settlement of Russian VEB Restructured Loans for the last three quarters of 1998. 

January 22, 1998

Market Practice for the batch settlement of Russian VEB Restructured Loans for the first quarter of 1998. 

December 17, 1997

Market Practice for the batch settlement of Russian VEB Restructured Loans during the holiday period, 

December 15, 1997

Market Practice for the settlement of Russian VEB Restructured Loans. 

December 2, 1997

Market Practice for the settlement of 'When-Restructured' trades of Russian VEB Restructured Loans. 

November 25, 1997

Market Practices for (i) Russia VEB Trades prior to the Restructuring and (ii) Restructured Russian VEB Loan Trades on and after December 2, 1997. 

March 5, 1997

Market Practice for the type of currency traded for Russian Loans. 

November 7, 1996

Market Practice for the number of loan agreements that may be delivered with respect to principal amounts of Russian Loans. 

July 11, 1996

Market Practices for Interest Cash Payments and Settlement Periods relating to the trading of Russian Loans and Options on Russian Loans. 

June 13, 1996

Market Practices for (a) Interest Cash Payments and (b) Settlement Periods relating to the trading of Russian Loans and Options on Russian Loans,  

February 23, 1995

Market Practices for Russia's escrow for 1992 and 1993 interest. 

August 17, 1994

Market Practices for the trading of Russian Loans. 

June 22, 1994

Market Practices for the trading of Russian Loans.