About us / Project Groups

Project Group №2 →

Corporate law and governance, financial transaction taxes

Project Group №1

Financial infrastructure and financial market regulation


Back to Media

NDC Head Doesn’t See Threats In Bringing Euroclear At Russian Market

06.11.2012 16:35 / Interfax

“Such bodies as Euroclear and Clearstream will partly take liquidity of the Russian market, but, on the other hand, the very infrastructure related to work with Russian assets will become less risky; so, leading foreign investors (funds predominantly) will be able to increase their investment limits in Russia. Hence, liquidity will come to Russia, and the circulation will grow,” he said in his interview to INTERFAX – AFI.

According to him, a share of foreigners in OFZs (Federal Loan Obligations) at the state debt market will grow up to 35%, while the current indicator shows only 3-4%.

“Talking in absolute numbers, it is all about billions of USD for the state debt market. A part of money that can be brought to the corporate sector is very hard to be evaluated today,” Astanin said. However, he noticed, the main OFZ investors have always been Russian banks because it is a refinancing tool for them.

“Speculatively, the market can move abroad only at the time when Russian investors will lose any interest in these securities. But this is hardly to become true for that is a working tool of managing liquidity,” he said. Also, according to him, there are no risks for the Russian stock market.

“Both Euroclear and Clearstream were especially created for the work with obligations and have been traditionally oriented for this market. Work with stocks and shares management needs more power and resources and is unlikely to be unified because of multiple corporate activities with these securities. That’s why risks of concentration and trading shares to foreign platforms through the links with these institutions are unlikely to happen,” he declared.

Trading infrastructureProject Group №1Eddie Astanin