Russia Seeking Interest-Rate Swaps Boost With Fixed-Rate Gauge
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Russia is seeking to boost the market for interest-rate swaps by creating a new gauge of the fixed rate investors are offering to exchange for floating costs.
The National Foreign Exchange Association, which has 70 members including banks and brokerages, will begin publishing from April 15 its new so-called ROISfix rate, Kirill Vergunov, the central bank’s head of domestic market operations, said in an interview yesterday. The gauge will show the average of fixed rates offered by nine banks in exchange for floating. Rates for one week, as well as one, two and three-month swaps will be set each day, Vergunov said.