The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Russia’s new market infrastructure takes shape

A central securities depository, liberalization of the local bond market, movement to T+2 settlement and a stock exchange merger – it’s all very welcome in Russia’s capital markets. But work remains to be done if its infrastructure is to catch up with its peers.

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 – it has considerably boosted market infrastructure reform. "We’ve been pleased to see the efforts made in a number of financial market infrastructure areas," says Noel Edison, director, FI, insurance and financial services at the European Bank for Reconstruction and Development.

"The reforms completed or close to completion are significant," agrees Krunic.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree