Ruble - to find the trader

Currency market in Russia, it seems, will soon be attractive to traders. Change it began in a few years ago.
In 2002, exporters were able to sell a mandatory part of the export of foreign currency proceeds, not only through the exchange, but also in the interbank market. At the same time has been significantly reduced exchange commission, which helped increase the volume of transactions.

If, before the liberalization of trade volume of daily trades on the MICEX averaged approximately $ 150 million, currently - about $ 500 million next step was the merger with the 1 June 2004 the two trading sessions on the MICEX in one session that also contributed to the growth of liquidity of the currency market. Make changes to the infrastructure of the foreign exchange market over recent years become a kind of preparation for the main event - a Central Bank of Russia a new exchange rate policy. Such intent, he declared in May 2004, the new exchange rate policy is designed to help achieve two objectives.
First, show the results of policies to ensure the stability of the currency in "broad terms". An illustration will serve as an effective exchange rate, calculated as a weighted average based on the rate of two currencies - the dollar and euro. Since the current exchange rate of the dollar and the euro as the world market, and in the Russian market is changing in the opposite direction, the particular special effort stabilization policies in a broad sense "by the Central Bank does not require.
Secondly, the release of the Central Bank of the need for constant intervention in the foreign exchange market. No matter how varied the value of the dollar and euro against the ruble in the foreign exchange market, it is still weighted average exchange rate of the two currencies will remain relatively stable.
Surrounding the Central Bank of the consequences of caring full or in part with the foreign exchange market is not difficult to predict. First of all, increase the volatility rate to the dollar and euro. For exporters and importers is important is not an effective rate of the ruble, and the specific market on which they enter into the transaction. Accordingly, the increased exchange rate uncertainty, they will try to lay in the prices of their goods, shifting price risks to consumers. Minimize price risks could be using the flash currency market, but it has not.

For the citizens of volatility in the foreign exchange market rates rise in the exchange, which will grow significantly difference between the buying and selling rate of exchange, but the rates will fluctuate.

For the professional foreign exchange market participants (traders), working on the difference in rates of buying and selling, this situation will be conducive to their activity. Their activities in general will help to mitigate exchange rate fluctuations. The only question is what financial opportunities they will have to conduct its operations.

Finally, with the increase in exchange rate fluctuations occur infrastructural developments in the foreign exchange market. Increase the role of the MICEX, which has an effective system of payments and fees and provides the ultimate guarantee of payment for foreign currency transactions on the exchange.

IG Doronin