American Citibank paid a coupon in foreign currency on March This happened due to the fact that the US Treasury partially unblocked the accounts of the Russian Federation, allowing paying to investors in Russia's sovereign Eurobonds from them until May Hypothetically, this allows Russia to obtain loans on international markets. But now, amid massive sanctions, no one will give it money there, regardless of its credit rating.
The head of one of the Russian investment companies, Alexei Tretyakov, believes that the default on Russian Eurobonds is unlikely to aggravate the situation amid a complete break in relations with the West and the freezing of gold and foreign exchange reserves of the Central Bank. But as long as Russia pays its debts, not only local investors will stay, but also non-residents who kept Russia in their portfolios both in and These are Asian funds and both former and current citizens of the Russian Federation investing through European private banks.
Recall that the head of the IMF, Kristalina Gergieva, said on March 13 that Russia could default on its debts, but this would not cause a global financial crisis. This amount is not negligible, but it "has no systemic significance.
In the foreign exchange market, it is customary to denote pairs with the indication of 2 currencies, the first is called the base currency, and the second quote currency. In the case of shares, this designation is not accepted. Type of quotes The classification is given depending on whether, which currency comes first. The dollar is used as a reserve currency, therefore, we will focus on, where is this currency in the designation of a currency pair.
Allocate: direct quotes - dollar in first place. In the trading terminal we see, how much is a dollar in yen; reverse - in this case, the dollar is shifted to second place. You can get acquainted with the full list of instruments available for trading in the trading terminal. Forward and reverse rates are easy to recalculate. Quotes without the use of the dollar are recalculated a little more difficult.
This is where mathematics comes in. In our example, the dollar in the numerator and denominator is canceled, and we get the desired value of GBPJPY, the screenshot above shows, that its value is calculated correctly. The slight difference is due to the fact, that during the calculation of the value of the exchange rates it managed to change.
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