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. |
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