Russian Federation Capital Markets : Analysis and Diagnosis of the Financial Regulatory and Institutional Policies Required for Becoming an International Financial Center

Pollner, John D.

World Bank, Washington, DC

关键词: ACCESS TO CAPITAL;    ACCOUNTING;    ACCOUNTING STANDARDS;    ARBITRATION;    ASSET BACKED SECURITY;   

RP-ID  :  78103

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

There should be two principal goals indeveloping Russia as a financial center: a) attracting moreof the financial business of large enterprises and of thewealthy, which now largely goes abroad to otherinternational financial centers; and b) serving the needs ofsmall and medium enterprises and small investors in Russia,needs that are now largely unmet. Advancing the second goalwould help to advance the first goal by broadening thediversity in securities market funding as well as firmissuance possibilities. Financial centers exhibit benefitsof scale. Better serving the need of Small and MediumEnterprise (SMEs) and small investors would increase boththe supply of securities and the demand for securities inMoscow. An increased volume and liquidity of transactionswill make Moscow a more competitive financial center,thereby attracting more of the business of large enterprisesand the wealthy that currently goes elsewhere. Finally, theabove actions will constitute the necessary conditions tohave the key elements for developing a significant financialcenter. They may not be all sufficient measures however.Non-financial market factors such as a suitablemacroeconomic environment, efficient city transportfacilities, reasonable housing availability, educationfacilities for foreigners, and a streamlined and transparentbusiness regulatory environment all constitute key ancillaryaspects supporting the growth and broader operatingenvironment of international financial centers.