8/1/2013

The Russian Federal Service for Financial Markets reportedly has distributed a draft order explaining credit default swaps to banks. Limited CDS activity exists, says Taras Semik of BCS. However, the market isn't as strong as it could be because of a prohibitive tax regime, experts say. Yevgeny Serdyukov of the St. Petersburg stock exchange says the tax code needs to be changed before the CDS market can expand.

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Moscow Times, The

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