MIFC: Key Facts

A source of basic facts about the International Financial Centre in Moscow

Task Assignments

06.12.2011 / Moscow

Task Assignments given by the President of the Russian Federation following the MIFC International Advisory Board session
on 28 October 2011.

Events Calendar

April 2019

Media Coverage

29.01.2014 / Interfax

Russia #3 Worldwide in Foreign Direct Investment

FDI in developing and transitional economies hit record highs in 2013, according to United Nations Conference on Trade and Development (UNCTAD) report.

06.04.2013 / Kommersant

Central Bank Builds Financial Center

FFMS merger with the CB will significantly improve regulation – as expected by reform participants and instigators alike. Yesterday the Bank of Russia, FFMS and Minfin reps made a public presentation of the financial megaregulator, as the process has entered implementation stage. In the meantime, MIFC mastermind Alexander Voloshin sees the future unification of oversight as a key milestone for Moscow as International Financial Center.

29.01.2013 / Interfax

MIFC Location to be Determined by Workgroup

Russian Prime Minister Dmitry Medvedev is planning to establish a workgroup to determine the location of Moscow International Financial Center (MIFC) infrastructure.

Our progress / Hot Topics

Trading infrastructure

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NSD Allows Non-Banks Foreign Currency Settlement

24.10.2012 15:39 / Interfax

National Settlement Depositary (NSD, part of Moscow Exchange) has allowed non-bank clients the option of settlement in foreign currency on the stock market, according to a joint press statement by the depositary, the stock exchange and Vnesheconombank.

Earlier non-banks could only settle OTC trades in foreign currency through NSD accounts.

"The new option was our response to the existing domestic stock market demands. For instance, in the past three years a number of issuers floated shares in USD", says the release. In February, Vnesheconombank placed a $500mn domestic bond float for the first time, which was oversubscribed three times.

Vnesheconombank and the Moscow Exchange initiated the lifting of currency bond transaction limits for non-banks. Proposals were forwarded to NSD and the Central Bank.

According to the release, the need for change is highlighted by the upcoming licensing of NSD as the Russian Central Depositary and further measures to liberalize access to the Russian market.

The volume of foreign currency bonds registered in Russia totals $4,36bn.

"Along with currency swaps that are developed by the Russian stock exchange, currency bonds offer new possibilities to all types of investors in the Russian stock market", the release quotes Vnesheconombank Deputy Chairman Alexander Ivanov.

Moscow Exchange Primary Market Development MD Ekaterina Novokreshchenykh says the exchange, being the key infrastructure hub, must comply with market requirements and offer new opportunities to debt market participants. "We expect to draw Russian investors’ attention to foreign currency bonds and create a liquid secondary market”, she said.

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