Financial Sector Overview
Bank of Russia
FINANCIAL SECTOR OVERVIEW
The Central Bank of the Russian Federation
35
SECURITIES MARKET (1)
Russia's financial market has been aligned with best international practices
[D]
Crisis-proven market infrastructure
.
•
•
•
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
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
Establishing of a Listing Committee at MOEX
•
•
•
៩
☑
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.)
Unified license covering both depository and
registrar operations.
Increased transparency
.
•
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
dividend policy for the top-tier Quotation list
Development of basic standards for
professional market participants activitiesView entire presentation