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Rouble Settlement Forum 2007 – 2009 Has Anything Changed ? Duncan Lord Director Barclays Capital.

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Presentation on theme: "Rouble Settlement Forum 2007 – 2009 Has Anything Changed ? Duncan Lord Director Barclays Capital."— Presentation transcript:

1 Rouble Settlement Forum 2007 – 2009 Has Anything Changed ? Duncan Lord Director Barclays Capital

2 Rouble Forum 2007 Original member of a group of 6 Banks brought together to discuss issues relating to settlement of the Russian Rouble in order to :  Share Common Issues  Discuss Strategies used to overcome issues  Suggest new requirements

3 Issues Discussed  Current 5 shift payment system could result in high level of settlement failures and therefore losses and compensation claims.  Lack of Intraday Overdraft Limits thus causing liquidity issues.  Apparent lack of Straight Through Processing Payment orders manually re entered at correspondent. Payment re entered by correspondent into Cyrillics. Specific information required unique to Russian Payment System. No SWIFT message standards.

4 Recommendations  Implementation of a Real Time Gross Settlement System to replace current 5 shift payment system is essential  In meantime correspondent Banks to ensure payments executed in shifts 1 and 2 but no later than shift 3 to ensure timely settlement.  More correspondent Banks to offer Intraday Overdraft Limits  Standardise message formatting so that all messages to correspondent Banks are in same SWIFT format

5 2009 What’s Changed ?  The BESP system (RTGS) implemented and live but does not have critical mass.  Still issues with payment formatting.  Intraday limits are available but only on a limited basis. So costs continue to be incurred through over funding of Rouble account or payment failures.

6 DISCUSSION Would appreciate hearing view of other Banks !


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