Two decades after Russia started to privatize its state-owned industries and began to establish a financial market infrastructure, the Wild East era of capitalism is drawing to a close. Although the skulduggery associated with Russia’s oligarchies was largely curtailed some time ago, a reform of the country’s creaking market configuration has taken longer than expected.
“Market infrastructure changes have been talked about for a decade, but things only began to happen two years ago when the government announced plans to make Moscow into a major international financial centre,” says Alex Krunic, head of product sales for direct custody and clearing at JPMorgan, and a member of the international consulting committee on upgrading post-trade infrastructure at the National Settlement Depository (NSD).
Although the idea of a Moscow International Financial Centre (MIFC) to rival London or New York raises smiles among market participants – off the record: no one publicly criticizes the government’s plans...
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