Guidelines for the Development of the Russian Financial Market
Bank of Russia
FINANCIAL SECTOR OVERVIEW
The Central Bank of the Russian Federation
SECURITIES MARKET (1)
Russia's financial market has been aligned with best international practices
000
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30
Crisis-proven market infrastructure
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•
MICEX and RTS merged into the Moscow
Exchange
Establishment of a Central Securities
Depository and unification of CCP across
all asset classes
T+2 settlement on equities, T+1 on OFZS,
T+0 on corporate bonds
Simplified market access
•
.
.
Euroclear and Clearstream settlement for
equities and bonds; Unified collateral pool for
equities, bonds and FX markets
International clearing system membership;
Direct access to FX trading for large corporates
Local investor base development (individual
investment account system, tax incentives, etc.)
Upgraded corporate governance
•
Creation of a two-tier Quotation List within
the stock exchange listing
Strong criteria for inclusion in the top-tier
Quotation list
Streamlined dividend rules for SOES
Corporate standards aligned with best
international practices
•
図
Increased transparency
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.
Mandatory audited IFRS for all public
companies
Strengthened regulation to prevent market
manipulation and insider trading
•
Improved disclosure practices
•
Report on Corporate Governance Code
compliance in the annual report
Requirement to have a written description of
Establishing of a Listing Committee at MOEX
•
Development of basic standards for
•
dividend policy for the top-tier Quotation list
professional market participants activitiesView entire presentation