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The Russian ruble dropped over 3% against the euro on the Moscow Exchange during trading on Thursday, falling below the landmark rate of 100 to the single currency. The ruble reached more than 102 to the euro during morning trade, according to exchange data, making it 3 rubles lower than at the close of trade…

A new securities depository exchange in the Persian Gulf could replace Euroclear and Clearstream, a top banker has said An international depository settlement hub should be created in the Persian Gulf to provide an alternative to EU securities transactions companies Euroclear and Clearstream, the CEO of Russia’s second-largest bank VTB, Andrey Kostin, said on Thursday.