Russian derivatives legislation stalls

The judicial reforms are a critical component in re-establishing an onshore, non-deliverable derivatives market in the country following its economic crisis in 1998. At that time, Russian banks reneged on up to $6.5 billion in currency hedges offered to foreign investors in short-dated government bonds called GKOs.

But progress to change article 1062 of Russia's Civil Code, which underpinned the decision by the country's Supreme Arbitration Court to rule that non-deliverable forward contract