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Editorial

Adapt, Develop, Grow

Mikhail Bratanov,
Regional Head in Russia and CIS, Societe Generale Securities Services

 

As the developed world struggles to adapt to the harshest economic conditions known since the Great Depression, the attractions of Russia as an investment destination continue to grow.

The country has enjoyed a prominent position in the global asset allocation landscape since the creation of the BRIC concept by Jim O'Neill of Goldman Sachs. The fundamentals take its development further.

This is borne out by the conclusions of an International Monetary Fund mission to Russia in January of this year. In 2012, notes the IMF in its report, the Russian economy experienced historically low unemployment with high capacity utilisation. Though growth did slow to 3.6 percent from 4.3 percent in 2011, it is projected at 3.7 percent in 2013.

The macroeconomic policy framework is moving in the right direction, notes the IMF. Likewise the financial market infrastructure as Russia strives to meet its target of being a leading global financial market by 2020. The major milestones achieved so far form the heart of this issue's Insight feature on page three.

Since their establishment in the mid - 1990s, Russia's major exchanges - MICEX and RTS – consistently expanded to include a full range of financial instruments ranging from cash equities to commodity futures and finally merged to form the Moscow Exchange in 2012. More recent developments include the creation of the country's Central Securities Depository and the planned integration of the Federal Financial Markets Service (FFMS) into the Central Bank. This latter move concentrates regulatory and supervisory functions relating to financial institutions into a single mega-regulator.

SGSS is very active in these reforms as a member of the main think-tanks for the Moscow Exchange, the Moscow International Financial Centre Project Group, the Central Securities Depository, the FFMS Expert Council, and various market committees and Self-Regulating Organisations (SRO). SGSS can assure investors looking to purchase Russian-issued securities that they will find secure, competitive solutions, accompanied by local and global expertise.

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