27.09.2010, 12:30
ING Commercial Banking and VTB24 Signed General Agreement
OREANDA-NEWS. September 27, 2010. To optimize the negotiating process when drawing up and executing futures transactions on the over-the-counter market ING Commercial Banking in Russia and VTB24 have signed a General Agreement on futures transactions on the financial markets, reported the press-centre of ING Commercial Banking.
The agreement contains general provisions on executing futures transactions on the domestic financial markets, developed on the basis of international standards together with the ARB, NFEA and NAUFOR associations, experts from the Bank of Russia and the FFMS, and specialists from commercial banks, finance and law companies. The International Swap and Derivatives Association (ISDA) acted as consultant on drafting the standard documentation.
“The practice of executing these types of contracts using standard documentation based on international experience, primarily the ISDA Master Agreement, while also taking account of the specifics of Russian law, is a step towards creating the required rules of business conduct on the Russian futures market,” noted Stanislav Yarushevichyus, Head of ING Commercial Banking’s Trading Operations Department.
The agreement contains general provisions on executing futures transactions on the domestic financial markets, developed on the basis of international standards together with the ARB, NFEA and NAUFOR associations, experts from the Bank of Russia and the FFMS, and specialists from commercial banks, finance and law companies. The International Swap and Derivatives Association (ISDA) acted as consultant on drafting the standard documentation.
“The practice of executing these types of contracts using standard documentation based on international experience, primarily the ISDA Master Agreement, while also taking account of the specifics of Russian law, is a step towards creating the required rules of business conduct on the Russian futures market,” noted Stanislav Yarushevichyus, Head of ING Commercial Banking’s Trading Operations Department.
Комментарии