Moscow gains momentum as a regional financial hub

Route Magazine

Russia has been consistently implementing the top priority national economic project to develop Moscow as an International Financial Center (MIFC), writes Alexander Yakovenko, Russia’s Ambasssador to the UK. The most important feature of MIFC is its large infrastructure investment program. “Financial infrastructure and regulation are two areas in which we have been making strides,” Russian MIFC Taskforce head Alexander Voloshin said.

Five key features of the MIFC project:

  • Moscow Exchange (a new united MICEX &RTS exchange) conducted a successful IPO on its own platform, demonstrating possibilities for large companies to raise capital in Russia;
  • The Russian Central Depositary became fully operational in March, 2013;
  • Russia completed the first phase of legislative work toward establishing a financial megaregulator on the basis of existing Central Bank infrastructure;
  • Moscow International Business Center commercial district is being built  in central Moscow;
  • Economic integration of the Customs Union members (Russia, Belarus, Kazakhstan) may predetermine their deeper…

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