Russia's parliament has made a new attempt at passing a law
designed to revive trading in forward FX contracts.
Under a bill introduced at the state Duma, the parliament's
lower house, derivative financial instruments, such as currency
forwards, are not to be viewed as only non-binding betting
deals. Therefore, holders should be entitled to legal
protection at arbitration courts.
Buying currency forwards had been the most common way for
foreign investors to hedge risks associated with
rouble-denominated T-bills (GKOs) until this market collapsed
in the wake of financial crisis and the rouble's devaluation in
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