Currency Chaos Produces New Generation Of FX Broker In Former Soviet Union

BROKERS

The plethora of new currencies in the former Soviet Union has given rise to a new breed of foreign exchange broker. According to sources in Moscow, private banks and brokerages have rushed to establish clearing mechanisms to lubricate cross-border trading between the ramshackle economies of the former U.S.S.R.'s newly born republics.

With the breakup of the Soviet Union, what centralized mechanisms there were for handling currency exchange have largely broken down: there is no official way to