Growth of ruble spot market depends on settlement issues, say brokers

The widespread adoption of a real-time gross settlement (RTGS) system in Russia and the addition of the Russian ruble to the currencies covered by central settlement infrastructure CLS would both be key developments in unlocking the potential growth of the country's foreign exchange market, according to participants focused on the region.

RTGS systems effect final settlement of interbank fund transfers on a continuous, transaction-by-transaction basis throughout the processing day, and are used