The RF Economic Development Ministry has elaborated the concept to turn Moscow into a World Finance Center.
Photo: Dmitry Lebedev
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Moscow to Turn Into World Finance Center
Economic Development Ministry has elaborated the concept to turn Moscow into a World Finance Center, Vedomosti reported. The concept is to be submitted to the government by August 1, but the document hasn’t been agreed on yet.
“High concentration of capital deals on the trading floors and with great number of instruments” is the basic feature of the World Finance Center, while recognizing Russia’s financial infrastructure and regulators “more convenient for the capital deals than the world counterparts, London, New York and Frankfurt, is the key condition for making the World Finance Center out of Moscow, Russia’s bureaucrats concluded.
For this purpose, the RF Economic Development Ministry suggests passing a number of laws, including related to stock exchanges, insider information, higher responsibility of directors and managers. Moscow infrastructure is to be renewed in three years. It is necessary to create a branched chain of hotels, improve transport and migration regulations. A special regulator for stock exchanges should be set up during three years.
It was Russia’s President Dmitry Medvedev that declared in June that a program for turning Moscow into an International Finance Center would be passed in the near future. Medvedev made the respective statement during the St. Petersburg Economic Forum, saying that this effort would secure competitive ability of the country’s financial system.
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