A SUPPLEMENT TO EUROMONEYIntroductionDevelopment of financial market infrastructure The Russian Federation's financial markets have developed much faster than those in other CIS states. Within a short period of time a liquid and technologically advanced government debt market has been established, preparations for a developed equities and corporate bond sector has started, and trading volumes of derivative s are growing apace. A modern financial market needs to include the following main components: effective securities trading mechanisms; proper clearing and settlement systems, which can determine the mutual liabilities of participants both for securities and for cash registrars, providing reliable and effective maintenance of the registers of securities' owners central depositories and custodians The securities trading systems in Russia have been developing at a remarkable pace. Telephone trades can now be conducted through the MICEX trading system, the Russian Trading System (RTS), the international information systems (Reuters and Bloomberg) as well as through smaller local information systems (e.g. Interfax Dealing). Description of trading systems From a technological point of view MICEX is the most advanced trading system. Via fibre-optic lines it links more than 300 leading securities market participants in Russia's key financial centres - Moscow, Vladivostok. |