Russian Investors Bow in Spain
The first Russian investment company is entering the Spanish market. Valores de Alor, a subsidiary of the Alor group, plans to make the Madrid and Barcelona stock market accessible to Russian investors and organize placements by Spanish companies on the Russian market. The company is now preparing its application for a broker’s license and plans to hire local specialists, says Alor chairman Anatoly Gavrilenko.
The Alor group consists of the Alor Invest company, Alor+ Internet trader, Alor insurance broker and Agana management company. According to Kommersant-Dengi, it ranked 11th among Russian investment companies by volume of operations with securities (1.9 trillion rubles) as of January 1 of this year. According to the World Federation of Exchanges, as of January 1, the capitalization of the companies on the united Madrid-Barcelona stock exchange (BME Spanish Exchanges) was ˆ1.22 trillion. There are 3500 domestic and 39 foreign companies listed. The volume of trade on the market in 2007 was ˆ2.16 trillion, placing it fifth in Europe and eighth in the world.
Russian investment companies are already active in Cyprus, London, Geneva, Paris and the United States. Experts evaluate the prospects for Alor’s undertaking variously, noting the community of well-to-do Russians in that country, but also noting that Spain’s economy is slowing down, making Span ish companies less interesting at the moment. Nor is it clear what Spanish companies will be interested in being traded in Russia, and the infrastructure for trading foreign securities is poorly developed in Russia.
www.kommersant.com
All the Article in Russian as of June 24, 2008
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