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Corporate law and governance, financial transaction taxes

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Financial infrastructure and financial market regulation


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Medvedev calls on to set the deadline for a central securities depository law.

10.10.2011 16:42 / Interfax

The President of the Russian Federation Dmitry Medvedev reported that a parliamentary bill to create a central securities depository is practically adjusted and called on to determine the timeline for adopting the law.

“As far as I know, Russian authorities have almost coordinated a draft bill on setting up a central depository. We need to determine the timeline for the approval (of the draft bill),” he said during the meeting on Russian financial market development.

He stressed that ” Russian as well as foreign investors should have the opportunity to trade assets freely, liquid goods and financial services markets must develop”.

Russian President underlined the necessity to move to another level of development of the financial market. “It’s a very important task to reduce administrative barriers on Russian trading floors, as well as faster IPO timelines”, said Medvedev.

The President said that it is important to go ahead with improvement of financial market infrastructure and the financial climate.

He also noted that the situation on financial markets and with Russian economy is raising concerns, while the U.S. government has yet to solve the problem of the country’s deficit, adding that we should decide on our policy in this direction.

Lately, there were adopted several laws regarding financial market stability improvement and providing its regular monitoring. “In particular, a risk management system was created, a mechanism was launched that helps avoid the “house of cards” effect when one of the transaction parties goes bankrupt”, underlined Dmitry Medvedev, adding that there is a possibility to evaluate system risks in the OTC market.

According to Dmitry Medvedev, these changes “reflect general tendencies of international financial markets regulations, including G20”.

“In the nearest future, a united Russian stock exchange will emerge from two major Russian stock exchanges MICEX and RTS. I hope the new stock exchange will correspond to the level of the future financial centre in Moscow”, said Dmitry Medvedev.

According to the President, despite negative global trends, there is some good news. For instance, “Moscow gained 7 points, moving up to #61 in the Global Financial Centres research. I don’t know whether it’s good or not, but in any case, Moscow moved up - not down, which is good in itself”, said Dmitry Medvedev, adding that Moscow was included in the “Ten centres likely to become more significant” list.

Trading infrastructureProject Group №1