  We present a novel approach to calculate the effective exchange interaction
parameters based on the realistic electronic structure of correlated magnetic
crystals in local approach with the frequency dependent self energy. The analog
of ``local force theorem'' in the density functional theory is proven for
highly correlated systems. The expressions for effective exchange parameters,
Dzialoshinskii- Moriya interaction, and magnetic anisotropy are derived. The
first-principle calculations of magnetic excitation spectrum for ferromagnetic
iron, with the local correlation effects from the numerically exact QMC-scheme
is presented.
