Icap sets up Russian service
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The money broker has begun broking spot rouble, forwards (both NDFs and deliverable), and interest rate swaps. The first trades were dealt late last month.
John Herbert, managing director for money market products in London, said political and economic developments in the country this year paved the way for the move. "Russia announced the floating of the rouble from July 2006 and a series of reforms and developments in the FX and related derivatives market." He added the move into Russia was
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