Russia - Feeling the strain - While Russia seemed relatively shielded from the impact of the financial crisis during the first half of the year, the turbulent events of September and October suggest that is no longer the case.

CDS clearing - Breath of Liffe - Amid fierce competition and regulatory scrutiny, the combined initiative by derivatives exchange Liffe and clearing house LCH.Clearnet for clearing credit default swaps was launched on December 22. Will the two companies have a first-mover advantage?

Marsh, Alastair, (2009)

Russia - Cutting hedges - Buoyed by a strong local currency and surging commodities prices in recent years, many Russian corporates eschewed derivatives to hedge risks. But with both the rouble and commodity prices plummeting, it may be time for a rethink.

Marsh, Alastair, (2009)

Regulation - Playing catch up - With extreme volatility and liquidity concerns hitting Russia in the second half of 2008, large cracks were exposed in the country's bank risk management practices. Alexey Simanovsky, director of banking regulation and supervision at the Bank of Russia, describes the challenges of developing a robust risk management culture.

Marsh, Alastair, (2009)