Russian Federation Capital Markets : Analysis and Diagnosis of the Financial Regulatory and Institutional Policies Required for Becoming an International Financial Center

There should be two principal goals in developing Russia as a financial center: a) attracting more of the financial business of large enterprises and of the wealthy, which now largely goes abroad to other international financial centers; and b) serving the needs of small and medium enterprises and small investors in Russia, needs that are now largely unmet. Advancing the second goal would help to advance the first goal by broadening the diversity in securities market funding as well as firm issuance possibilities. Financial centers exhibit benefits of scale. Better serving the need of Small and Medium Enterprise (SMEs) and small investors would increase both the supply of securities and the demand for securities in Moscow. An increased volume and liquidity of transactions will make Moscow a more competitive financial center, thereby attracting more of the business of large enterprises and the wealthy that currently goes elsewhere. Finally, the above actions will constitute the necessary conditions to have the key elements for developing a significant financial center. They may not be all sufficient measures however. Non-financial market factors such as a suitable macroeconomic environment, efficient city transport facilities, reasonable housing availability, education facilities for foreigners, and a streamlined and transparent business regulatory environment all constitute key ancillary aspects supporting the growth and broader operating environment of international financial centers.

Bibliographic Details

Main Author:	Pollner, John D.
Language:	English en_US
Published:	World Bank, Washington, DC 2012-06
Subjects:	ACCESS TO CAPITAL, ACCOUNTING, ACCOUNTING STANDARDS, ARBITRATION, ASSET BACKED SECURITY, ASSET HOLDINGS, ASSET MANAGEMENT, ASSET MANAGER, ASSET MANAGERS, BACKED BONDS, BACKED SECURITIES, BANK ACCOUNTS, BANK ASSETS, BANK BORROWING, BANK BRANCH, BANK BRANCHES, BANK DEPOSITS, BANKING INSTITUTIONS, BANKING SECTOR, BANKING SYSTEM, BANKING SYSTEMS, BARRIERS TO ENTRY, BOND ISSUES, BOND MARKET, BOND MARKET DEVELOPMENT, BOND MARKETS, BONDS, BORROWER, BRANCH NETWORKS, BUSINESS CYCLE, CAPITAL FLOWS, CAPITAL MARKET, CAPITAL MARKETS, CAPITAL MARKETS DEVELOPMENT, CASH FLOWS, CENTRAL BANK, CHECKS, COLLATERAL, COMMERCIAL LAWS, COMMON LAW, COMPETITIVE FINANCIAL MARKETS, CONFLICT OF INTEREST, CONSUMER PROTECTION, CORPORATE BONDS, CORPORATE GOVERNANCE, CREDIT INSTITUTIONS, CURRENCY, DEBT FINANCING, DEBT INSTRUMENTS, DEBT ISSUANCE, DEBT MARKETS, DEBT SECURITIES, DEPOSIT, DEPOSIT INSURANCE, DEPOSITORS, DEPOSITS, DERIVATIVES, DEVELOPMENT BANK, DIRECT INVESTMENT, DOMESTIC BANK, DOMESTIC BANKS, DOMESTIC CAPITAL, DOMESTIC CAPITAL MARKET, DOMESTIC MARKET, DOMESTIC MARKETS, DOMESTIC SECURITIES, ELECTRONIC BANKING, EQUITIES, EQUITY MARKET, EQUITY MARKET DEVELOPMENT, EQUITY MARKETS, EXCHANGE COMMISSION, FINANCIAL ASSET, FINANCIAL CRISIS, FINANCIAL DEVELOPMENT, FINANCIAL INFRASTRUCTURE, FINANCIAL INSTITUTIONS, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL SECTOR DEVELOPMENT, FINANCIAL SYSTEM, FINANCIAL SYSTEMS, FIXED INCOME, FOREIGN BANK, FOREIGN BANKS, FOREIGN CAPITAL, FOREIGN EXCHANGE, FOREIGN EXCHANGE RESERVES, FOREIGN INVESTMENT, FOREIGN INVESTOR, FOREIGN INVESTORS, FRAUD, FUND MANAGEMENT, GLOBAL ECONOMY, GLOBALIZATION, GOVERNMENT DEBT, GOVERNMENT DEBT MARKET, GOVERNMENT INTERVENTION, GOVERNMENT POLICY, GOVERNMENT SAVING, GOVERNMENT SECURITIES, GROSS DOMESTIC PRODUCT, HEDGE FUNDS, HOUSEHOLD SAVINGS, INCOME INSTRUMENTS, INFORMATION DISCLOSURE, INSIDER TRADING, INSTITUTIONAL INVESTORS, INSTRUMENT, INSURANCE, INSURANCE COMPANIES, INTERNATIONAL BOND, INTERNATIONAL BOND MARKETS, INTERNATIONAL FINANCE, INTERNATIONAL STANDARDS, INVESTING, INVESTMENT ACTIVITIES, INVESTMENT BANKING, INVESTMENT FUND, INVESTMENT FUNDS, INVESTMENT OPPORTUNITIES, INVESTMENT VEHICLES, INVESTOR PROTECTION, ISSUANCE, ISSUANCE OF BONDS, ISSUERS OF SECURITIES, LACK OF COMPETITION, LEGAL ENVIRONMENT, LEGAL FRAMEWORK, LEGAL PROTECTION, LEGAL SYSTEM, LEVEL PLAYING FIELD, LIFE INSURANCE, LIFE INSURANCE COMPANIES, LIQUIDITY, LIQUIDITY OF TRANSACTIONS, LOCAL MARKET, MACROECONOMIC CONDITIONS, MACROECONOMIC ENVIRONMENT, MACROECONOMIC ENVIRONMENTS, MARKET DEBT, MARKET DEVELOPMENT, MARKET DISCIPLINE, MARKET INFRASTRUCTURE, MARKET INTERMEDIARIES, MARKET PARTICIPANTS, MARKET SHARE, MARKET STRUCTURE, MARKET TRADING, MATURITY, MONETARY FUND, MONEY MARKET, MONEY MARKETS, MORTGAGE, MORTGAGES, MUTUAL FUND, MUTUAL FUND ASSETS, MUTUAL FUNDS, NATIONAL BANK, NATIONAL SAVING, OFFSHORE CENTERS, OUTSIDE INVESTORS, PENSION, PENSION FUND, PENSION FUNDS, PENSION REFORM, PENSION SYSTEM, PORTFOLIO, PRIVATE BANKS, PRIVATE BOND, PRIVATE CREDIT, PRIVATE DEBT, PRIVATE EQUITY, PRIVATE INVESTORS, PROFIT OPPORTUNITY, REGULATORY FRAMEWORK, REGULATORY PRACTICES, REGULATORY STRUCTURE, REGULATORY STRUCTURES, REGULATORY SYSTEM, RESERVE, RETAIL BANKING, RETAIL INVESTORS, RETURN, RETURNS, RULE OF LAW, SAVINGS BANK, SECURITIES, SECURITIES BROKERS, SECURITIES EXCHANGE, SECURITIES EXCHANGES, SECURITIES MARKET, SECURITIES MARKETS, SELF-REGULATION, SETTLEMENT, SETTLEMENT PROCEDURES, SHAREHOLDERS, SHORT-TERM PAPER, SMALL INVESTORS, SOVEREIGN BONDS, SOVEREIGN DEBT, STATE BANKS, STATE BONDS, STOCK EXCHANGE, STOCKS, TAX, TAX RATES, TRADING, TRADING SYSTEM, TRANSACTIONS COSTS, TRANSFER AGENTS, TRANSITION COUNTRIES, TRANSITION ECONOMIES, TRANSPARENCY, TREASURY, TREASURY BOND, TURNOVER, WITHDRAWAL, WORKING CAPITAL, YIELD CURVE,
Online Access:	http://documents.worldbank.org/curated/en/2012/06/18042642/russian-federation-capital-markets-analysis-diagnosis-financial-regulatory-institutional-policies-required-international-financial-center https://hdl.handle.net/10986/16031
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