National Foreign Exchange Association Explained

The National Foreign Exchange Association is a non-commercial association of commercial banks, currency exchanges, brokerage firms, and others dedicated to the development and improvement of a high standard foreign exchange market and money market in Russia. Founded in Moscow in 1999, the association had 74 members as of 2005.^[1] Among other activities, the National Foreign Exchange Association coordinates with the Bank of Russia in daily setting the Russian Overnight Index Average (Ruonia), which operates similarly to the European Eonia.^{[2] [3]}

In 2010, members of the National Monetary Association were 69 financial organizations,^[4] including

• Commercial banks:
  • ABN AMRO
  • Alfa-Bank
  • Bank of Moscow
  • Gazprombank
  • ING-Eurasia and others
  • JPMorgan Chase
  • Raiffeisen Zentralbank
  • Sberbank of Russia
  • VEB.RF
  • VTB Bank
• Currency exchanges, including MICEX
• Brokerage firms, bank associations and other organizations.^[5]

Notes and References

1. http://www.nva.ru/nva/documents/shared/english/show/ Official website of National Foreign Exchange Association (NFEA)
2. News: Bank Rossii Spurs Swap Trades as Ruonia Lures Deutsche Bank: Russia Credit . O'Brien . Emma . Denis Maternovsky . 9 September 2010 . 19 September 2010 . Bloomberg.
3. News: RUONIA - Ruble OverNight Index Average. 29 September 2010. dead. https://web.archive.org/web/20111123164058/http://www.ruonia.ru/en. 23 November 2011.
4. Web site: Список членов Национальной валютной ассоциации. Официальный сайт Национальной валютной ассоциации. 2010-08-31. ru. https://www.webcitation.org/67WfhIdvM?url=http://www.nva.ru/nva/about/members/?show=1. 2012-05-09. dead.
5. Web site: Список членов Национальной валютной ассоциации. National Foreign Exchange Association. 2010-08-31. ru. https://www.webcitation.org/67WfhIdvM?url=http://www.nva.ru/nva/about/members/?show=1. 2012-05-09. dead.