The saga of the first bonus for Soviet speculation

By the way, we were the first to get monetary rewards - bonuses for currency speculation. It was in the late 70's. I had just started to actively engage in arbitrage. There was the first system Reuters Dealing, and the volume of transactions has increased dramatically. Five scribbled telex machines as machine guns. Three telephones with speakers filled the room yelling brokers. Together, and then the three of us had time to work with a dozen foreign brokers. Remember the cry went up in the office of the German broker, when a major German bank sold us on our quote of $ 50 million - a record amount for a single paragraph. Subsequently, in the late 80's, our dealers made deals worth 500 million pounds «one shot». Western banks have repeatedly justified their failure of a major operation on the Russian market. In such cases, Vneshtorgbank called «Red Man». In response to such attacks, we had to write explanatory notes management, but the craving for the market does not go away. «Once a dealer - always a dealer», this is true.

Once we got a record annual profit of arbitration to $ 112 million. Manual control for the first time came out with a proposal to give us the award. I must say, we're on it and did not count. Superiors long to decide, to give us a prize or not. Relation to currency speculation was such - unearned income. Say, stolen, crooks, putting the people's money on the roulette table, though for his country to country. Then doth not earned dealers and large team management. Well, we were given the award - 60 rubles. And I cut it by a third. I messed something coated in Danish bank account, which is why there were additional costs of $ 800. Compare this with 112 million!

But once a mistake, instead of 60 were only 40 rubles. That's ...

Newspapers of the time did not consider reports from the currency markets interesting topic. When the first reports were leaked to the press, we began to call the public.

It got to the funny things: "We have heard that the foreign exchange market opened. Give the address and the phone ... Tell the dollar "-" You are what give the dollar exchange rate: U.S., Canadian, Australian? DM or against the ruble? What terms, value? "-" Stop fun, just let the course ... In yesterday's newspaper, not the rate at which you are now offering conversion ».

SF: How do you assess the current state of the Russian banking sector? How about the various projects to reform it?

ST: The main thing - do no harm. In my view, the banking system of the country was just beginning to recover from a serious and severe illness - the financial crisis in August 1998. Unfortunately, in the banking sector lacks skilled professionals with not only professional knowledge, but adhere to the banking ethics.

Such people are very few. That person well versed in banking instruments and transactions, but with the moral side - leaves much to be desired. But in serious financial business, everything is interconnected. Enormous damage to the banking sector does the lack of insurance of bank deposits. Does this law can not take our legislators. This seriously undermines public confidence in the banks. In the United States, as you know, saving up to 100 thousand dollars in the case of bankruptcy of the insured bank pays the state. Anything over that, - the risks of the depositor. But the 100 thousand dollars - it's a lot! Here in the early 90's banking license, including the master, gave the right and left. Not surprisingly, in this case fraudsters warmed his hands. And the state of, say, a play on the GKO market and the banks themselves compromised.