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Russian Market Liquidity May Move Abroad
22.07.2011 16:57 / Vedomosti
At the same time, we know where good intentions lead. This is where the Russian market liquidity may go, if the officials are unable to create the advantages in time. "We have no chance to compete for the volumes of the Russian companies placing without Centralized Depositary and foreign nominee", Shvetsov admits. As a result, it looks like the perspectives to create the International Financial Centre, which President Dmitry Medvedev promotes actively, can be buried by his order to lift the restrictions mentioned above. It is very difficult to convince the Russian companies to place shares here without showing them the distinct advantages. For now, the advantage is with Western trading floors: it`s the infrastructure, the wide pool of investors and the developed legislative base.
The hope remains that with the President`s will and the efforts of the concerned institutions the long suffering of the Central Depositary will be finished, and the Stock Exchanges will not cause a delay with their unification. If the Federal Service for Financial Markets proposals are accepted and take effect, there will be little time left for the Russian market infrastructure to improve. Otherwise, the issuers will form a joyful queue to the foreign trading floors, taking their shares along with hopes for the International Financial Centre, for the Russian market development and the future of a unified Stock Exchange.
Anton Trifonov