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Clearstream and Euroclear to Gain Access to Russian State Bonds in 2012, Corporate Bonds and Shares in 2013, says Ministry of Finance

07.06.2012 12:14 / Interfax

International central depositaries Clearstream and Euroclear will be granted access to the Russian state bonds market this year and to corporate bonds and shares next year, said Deputy Director of Sovereign Debt and Financial Assets at the Ministry of Finance Peter Kazakevich at the Uralsib Capital Bonds Conference.

He says that the decision was made by the government following consultations with the Federal Financial Markets Service (FFMS) and the Central Bank of Russia.

“The decision has been made to open the state bonds market to foreign depos in the nearest future, literally in a few months after the central depositary has been registered, which means this year. Other instruments – corporate bonds and shares – will become available next year”, said Deputy Head of Department at the Ministry of Finance.

Kazakevich admitted that allowing foreign market players access the Russian market may ultimately drain some liquidity from Russia, however it will be compensated by a far greater inflow. “As for liquidity drain, the Ministry of Finance and the Central Bank consider these fears overrated. Yes, this is a two-way street, a certain drain could take place, and yet we see far more liquidity coming in”, he said.

He also stated that currently there are foreign speculators in the Russian market “taking advantage of the loopholes in the infrastructure”.

“In our opinion, if we make the market simple and comfortable, this will attract conservative long-term investors and prevent a surge in volatility”, says Kazakevich.

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