Option to export capital
Participants in the derivatives market were offered to trade in the West
Kommersant has learned the details of the project, which will give Russian traders the opportunity to independently enter into futures and options contracts on the world's leading stock indices. The only thing that can prevent this is currency legislation prohibiting such activities.

The new project allows investors to enter the Western derivatives market, bypassing intermediaries, and enter into transactions in real time. In this case, the investor only needs a security deposit, within the framework of which he will be able to make transactions.
Before this, Russian participants in the derivatives market could only work on world markets using the Internet and through a broker of one or another Western brokerage firm. At the same time, the Russian investor was faced with the problems of limits that were significantly reduced after the August crisis, as well as not always efficient use of his money. After all, when giving a broker an order to execute transactions, the investor is forced to stipulate the upper and lower price targets (for example, buy no more than $5 per contract, sell no less than $7 per contract). The broker, as a rule, informed the investor about the execution of orders at the price agreed by the client. If the order was carried out on more favorable terms, the difference went into the broker's pocket.
Now the scheme will change. One of the project developers, the Munich company Bip Dimension, provides satellite communication technology with exchanges and assists in opening an exchange account in one of the Western brokerage companies. The investor transfers collateral funds to the broker's account and gets the opportunity to enter into transactions on behalf of this company. The brokerage firm assumes responsibility for the risks, all settlements are carried out through it, it only exercises control over the expenditure of collateral funds.
Investors receive round-the-clock access to almost all the largest derivatives exchanges - CBOT, GLOBEX, EUREX, LIFFE, TIFFE. The underlying assets of options and futures are the stock indices DAX, S&P 500, FTSE, NIKKEI, EURO-BOND and EURO-STOXX. In addition, the project provides for the possibility of information and analytical support for the trader’s work in Russian.
Market participants reacted reservedly to the new project. Thus, Grigory Gankin, a specialist at the Otkritie brokerage company, told a Kommersant correspondent: “This is a very interesting project, but it is too early to talk about its effectiveness.”
Indeed, the project has a significant disadvantage. The fact is that Russian currency legislation does not allow a resident to work directly in Western markets. And until now, no company has been able to offer its clients a legal scheme for such trading. However, according to Bip Dimension President Pavel Zlotnik, “workarounds have already been found.” “There is a scheme according to which a resident can work on Western exchanges completely legally and without hindrance,” he said.
The Central Bank yesterday refused to comment on the Bip Dimension project. Apparently, here, too, they are still trying to understand how the company is going to circumvent Russian currency legislation.
SERGEY Ъ-TYAGAY

Newspaper "Kommersant" No. 226 dated 07.12.1999, page 7