Russian investment banks are cutting back staff as revenues are hit by the country’s financial crisis. It is too early to tell how far these cuts will affect the futures and options markets, but there has been some impact already.
David Aserkoff, chief strategist for Russia and head of equity derivatives research at Renaissance Capital, was made redundant on Friday, along with other staff.
Also on Friday, Troika Dialog, the investment bank that is another of the biggest futures and options brokers in Moscow, said it would dismiss at least 8% of its 1,500 workers this month because of the global financial turmoil.
Russia has been hit especially hard...