OTP Bank (Russia) made its first USD/RUB deal on LavaFX through Dresdner Kleinwort as prime broker

22 September 2008

OTP Bank (Russia) made its first USD/RUB spot deal as a market-maker on LavaFX trading platform with Dresdner Kleinwort, through legal entity Dresdner Bank AG, as prime broker.

"We consider this a very important event for the financial markets, - says Igor Suzdaltsev, head of financial institutions at OTP Bank (Russia). Ruble deals started at LavaFX on August 22nd, 2007 but it was hard to increase ruble trades due to small limits on Russian banks. With leading FX Players such as Dresdner Kleinwort acting as prime broker for ruble-related deals this market could grow significantly. I am very pleased this has happened as it has taken some time to reach this stage. The negotiations started in March 2006 and it took over 2 years to get a first ruble prime broker on LavaFX. Now we expect strong increase of ruble transactions globally."

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