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Laxman Pai, Opalesque Asia:

Russia's broker dealer BCS Global Markets announced the launch of a synthetic prime brokerage platform that gives investors simplified access to Russian capital markets.

The new Portfolio Swap product that provides universal access to the Russian capital markets through an OTC instrument and aims to make trading in Russia easier and cheaper.

"The new synthetic prime brokerage offers professional and institutional investors simplified access to the Russian capital markets and will be expanded into a global multi-asset platform," said a press release from the Russian broker dealer.

The synthetic prime platform can be used by institutions of all sizes including hedge funds who have been viewed as too small to work with by other prime brokerages. It is also the first time that those without dedicated Russian access, either through BCS' prime brokerage or another brokerage can access the Russian market.

According to the release, trading Russian instruments has traditionally been difficult from a regulatory, settlement and hedging perspective but the new platform has been designed to overcome these challenges including for US institutions, who are unable to trade Moscow Exchange listed derivatives directly as this market is non CFTC recognised.

BCS' synthetic prime brokerage offering can be US dollar denominated, enabling any professional investment vehicle access to Russia without local settlement arrangements or rouble accounts. ......................

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