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RUSSIA' S INFRASTRUCTURE ADVANCES (part 2)

Sergey Shvetsov, Deputy Chairman, Bank of Russia, and Chairman of the Supervisory Board of the Moscow Exchange summarises the key developments in Russia's financial markets.

Improving the competitiveness of the Russian financial market and creating favourable conditions for the functioning of the planned international financial centre are major challenges facing the State.

The priority in addressing these challenges is to attract domestic investors to the Russian financial market. For these purposes, it can be expected that we will continue to improve the regulation of collective investments and pension funds. Special attention will also be given to improving corporate governance and investor protection.

In addition, in the near future work will begin on the development of arbitration of justice in the financial market and a financial services industry Ombudsman.

Another important aspect of improving the efficiency and competitiveness of the Russian financial market is the development of its infrastructure. In this respect, as discussed elsewhere in this special edition of Momentum, we expect to continue work on the implementation of international standards in the financial market infrastructure.

In addition, with regard to the Russian on exchange infrastructure it is necessary to complete all the activities for the transition to trading mode with partial pre-funding and T+2 settlement.

The creation of a “megaregulator” is a key part of the overall planning. On January 25, 2013, Russian President Vladimir Putin took the decision to set up a single regulator for financial markets on the basis of the Bank of Russia. The initial stage will be completed in the third quarter of this year when the respective legislative changes come into effect and the FFMS of Russia will join the Bank of Russia as a segregated structural department. Its integration into the Bank's structure is expected to be completed by January 2015.

“The creation of a “megaregulator” is a key part of the overall planning.”


The fundamental objective of creating a single regulatory authority in this way is to develop a comprehensive approach to the analysis of financial stability, the creation of effective consolidated supervision of financial groups, improving the competitiveness of the domestic financial market. This will be achieved by reducing regulatory costs (by eliminating duplication and heterogeneity licensing, supervisory and other requirements, for example, for organisations, at the same time performing the functions of credit institutions and professional participants in the securities market) and eliminating regulatory arbitrage, accelerating the procedure for the adoption of regulations by reducing inter-departmental co-ordination.

Market infrastructures: MOSCOW EXCHANGE: T+2 >

Key Facts

  • Key developments in Russia aim at attracting domestic investors to the Russian financial market based on improved competitiveness and favourable conditions
  • Special attention will be given to improving corporate governance and investor protection
  • In January 2013, Russian President Vladimir Putin decided to set up a single regulator
  • The FFMS of Russia will join the Bank of Russia in the Q3 2013 as a segregated structural department
  • The “megaregulator” ’s objective is to develop a comprehensive approach to analysing financial stability, supervising financial groups and improving domestic financial market competitiveness.
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