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Growth areas of the OTC market

How and why the standardised derivatives market appeared

The standardised derivatives market (or, more precisely, the ОТС market with a central counterparty) was created in response a G20 resolution following the organisation's meeting in Pittsburgh in 2009. Other resolutions included agreement that standardised derivatives should trade on an exchange. The G20 countries, including Russia, confirmed their intent to strengthen the role of the central counterparty in the coming years. The Bank of Russia expects clearing with the central counterparty to be mandatory in the near future.

Main advantages for participants:

  • Minimisation of counterparty risk while maintaining flexible parameters for exchange based instruments;
  • Increased limit for any participant to the limit open with the National Clearing Centre (NCC) (credit enhancement);
  • Absence of deal reporting to the National Settlement Depositary (NSD);
  • Significant reduction in capital costs (minimal N1 ratio);
  • Elimination of legislative risk of liability non recognition and minimisation of risk of inability to apply close out netting;
  • Tax advantages (from 1 January 2014)
    • Clearing participants' remuneration for using initial margin is not subject to VAT;
    • All deals with the CCP have recognised market prices;
    • The ability to include the financial results of swap and option deals via the NCC with other non negotiable derivatives or to reduce the tax base by the amount of loss making deals.

Comparison with ISDA, RISDA: the specifics of instruments traded on the OTC market with the CCP are as close as possible to the standards for OTC derivatives (ISDA, RISDA).

The main differences between the standardised derivatives market and the OTC market are:

1) The Clearing Rules, which regulate the participant with respect to the Law on Clearing. This gives the participant stronger legal protection than an agreement;

2) The absence of a requirement to evaluate the risks of each counterparty and sign general agreements, as all deals go through the CCP.