Russian Federation Capital Markets : Analysis and Diagnosis of the Financial Regulatory and Institutional Policies Required for Becoming an International Financial Center
There should be two principal goals in developing Russia as a financial center: a) attracting more of the financial business of large enterprises and of the wealthy, which now largely goes abroad to other international financial centers; and b) ser...
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| Format: | Other Financial Sector Study |
| Language: | English en_US |
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World Bank, Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2012/06/18042642/russian-federation-capital-markets-analysis-diagnosis-financial-regulatory-institutional-policies-required-international-financial-center http://hdl.handle.net/10986/16031 |
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okr-10986-16031 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCESS TO CAPITAL ACCOUNTING ACCOUNTING STANDARDS ARBITRATION ASSET BACKED SECURITY ASSET HOLDINGS ASSET MANAGEMENT ASSET MANAGER ASSET MANAGERS BACKED BONDS BACKED SECURITIES BANK ACCOUNTS BANK ASSETS BANK BORROWING BANK BRANCH BANK BRANCHES BANK DEPOSITS BANKING INSTITUTIONS BANKING SECTOR BANKING SYSTEM BANKING SYSTEMS BARRIERS TO ENTRY BOND ISSUES BOND MARKET BOND MARKET DEVELOPMENT BOND MARKETS BONDS BORROWER BRANCH NETWORKS BUSINESS CYCLE CAPITAL FLOWS CAPITAL MARKET CAPITAL MARKETS CAPITAL MARKETS DEVELOPMENT CASH FLOWS CENTRAL BANK CHECKS COLLATERAL COMMERCIAL LAWS COMMON LAW COMPETITIVE FINANCIAL MARKETS CONFLICT OF INTEREST CONSUMER PROTECTION CORPORATE BONDS CORPORATE GOVERNANCE CREDIT INSTITUTIONS CURRENCY DEBT FINANCING DEBT INSTRUMENTS DEBT ISSUANCE DEBT MARKETS DEBT SECURITIES DEPOSIT DEPOSIT INSURANCE DEPOSITORS DEPOSITS DERIVATIVES DEVELOPMENT BANK DIRECT INVESTMENT DOMESTIC BANK DOMESTIC BANKS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC SECURITIES ELECTRONIC BANKING EQUITIES EQUITY MARKET EQUITY MARKET DEVELOPMENT EQUITY MARKETS EXCHANGE COMMISSION FINANCIAL ASSET FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR DEVELOPMENT FINANCIAL SYSTEM FINANCIAL SYSTEMS FIXED INCOME FOREIGN BANK FOREIGN BANKS FOREIGN CAPITAL FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN INVESTMENT FOREIGN INVESTOR FOREIGN INVESTORS FRAUD FUND MANAGEMENT GLOBAL ECONOMY GLOBALIZATION GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT INTERVENTION GOVERNMENT POLICY GOVERNMENT SAVING GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HEDGE FUNDS HOUSEHOLD SAVINGS INCOME INSTRUMENTS INFORMATION DISCLOSURE INSIDER TRADING INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INTERNATIONAL BOND INTERNATIONAL BOND MARKETS INTERNATIONAL FINANCE INTERNATIONAL STANDARDS INVESTING INVESTMENT ACTIVITIES INVESTMENT BANKING INVESTMENT FUND INVESTMENT FUNDS INVESTMENT OPPORTUNITIES INVESTMENT VEHICLES INVESTOR PROTECTION ISSUANCE ISSUANCE OF BONDS ISSUERS OF SECURITIES LACK OF COMPETITION LEGAL ENVIRONMENT LEGAL FRAMEWORK LEGAL PROTECTION LEGAL SYSTEM LEVEL PLAYING FIELD LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUIDITY LIQUIDITY OF TRANSACTIONS LOCAL MARKET MACROECONOMIC CONDITIONS MACROECONOMIC ENVIRONMENT MACROECONOMIC ENVIRONMENTS MARKET DEBT MARKET DEVELOPMENT MARKET DISCIPLINE MARKET INFRASTRUCTURE MARKET INTERMEDIARIES MARKET PARTICIPANTS MARKET SHARE MARKET STRUCTURE MARKET TRADING MATURITY MONETARY FUND MONEY MARKET MONEY MARKETS MORTGAGE MORTGAGES MUTUAL FUND MUTUAL FUND ASSETS MUTUAL FUNDS NATIONAL BANK NATIONAL SAVING OFFSHORE CENTERS OUTSIDE INVESTORS PENSION PENSION FUND PENSION FUNDS PENSION REFORM PENSION SYSTEM PORTFOLIO PRIVATE BANKS PRIVATE BOND PRIVATE CREDIT PRIVATE DEBT PRIVATE EQUITY PRIVATE INVESTORS PROFIT OPPORTUNITY REGULATORY FRAMEWORK REGULATORY PRACTICES REGULATORY STRUCTURE REGULATORY STRUCTURES REGULATORY SYSTEM RESERVE RETAIL BANKING RETAIL INVESTORS RETURN RETURNS RULE OF LAW SAVINGS BANK SECURITIES SECURITIES BROKERS SECURITIES EXCHANGE SECURITIES EXCHANGES SECURITIES MARKET SECURITIES MARKETS SELF-REGULATION SETTLEMENT SETTLEMENT PROCEDURES SHAREHOLDERS SHORT-TERM PAPER SMALL INVESTORS SOVEREIGN BONDS SOVEREIGN DEBT STATE BANKS STATE BONDS STOCK EXCHANGE STOCKS TAX TAX RATES TRADING TRADING SYSTEM TRANSACTIONS COSTS TRANSFER AGENTS TRANSITION COUNTRIES TRANSITION ECONOMIES TRANSPARENCY TREASURY TREASURY BOND TURNOVER WITHDRAWAL WORKING CAPITAL YIELD CURVE |
| spellingShingle |
ACCESS TO CAPITAL ACCOUNTING ACCOUNTING STANDARDS ARBITRATION ASSET BACKED SECURITY ASSET HOLDINGS ASSET MANAGEMENT ASSET MANAGER ASSET MANAGERS BACKED BONDS BACKED SECURITIES BANK ACCOUNTS BANK ASSETS BANK BORROWING BANK BRANCH BANK BRANCHES BANK DEPOSITS BANKING INSTITUTIONS BANKING SECTOR BANKING SYSTEM BANKING SYSTEMS BARRIERS TO ENTRY BOND ISSUES BOND MARKET BOND MARKET DEVELOPMENT BOND MARKETS BONDS BORROWER BRANCH NETWORKS BUSINESS CYCLE CAPITAL FLOWS CAPITAL MARKET CAPITAL MARKETS CAPITAL MARKETS DEVELOPMENT CASH FLOWS CENTRAL BANK CHECKS COLLATERAL COMMERCIAL LAWS COMMON LAW COMPETITIVE FINANCIAL MARKETS CONFLICT OF INTEREST CONSUMER PROTECTION CORPORATE BONDS CORPORATE GOVERNANCE CREDIT INSTITUTIONS CURRENCY DEBT FINANCING DEBT INSTRUMENTS DEBT ISSUANCE DEBT MARKETS DEBT SECURITIES DEPOSIT DEPOSIT INSURANCE DEPOSITORS DEPOSITS DERIVATIVES DEVELOPMENT BANK DIRECT INVESTMENT DOMESTIC BANK DOMESTIC BANKS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC SECURITIES ELECTRONIC BANKING EQUITIES EQUITY MARKET EQUITY MARKET DEVELOPMENT EQUITY MARKETS EXCHANGE COMMISSION FINANCIAL ASSET FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR DEVELOPMENT FINANCIAL SYSTEM FINANCIAL SYSTEMS FIXED INCOME FOREIGN BANK FOREIGN BANKS FOREIGN CAPITAL FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN INVESTMENT FOREIGN INVESTOR FOREIGN INVESTORS FRAUD FUND MANAGEMENT GLOBAL ECONOMY GLOBALIZATION GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT INTERVENTION GOVERNMENT POLICY GOVERNMENT SAVING GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HEDGE FUNDS HOUSEHOLD SAVINGS INCOME INSTRUMENTS INFORMATION DISCLOSURE INSIDER TRADING INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INTERNATIONAL BOND INTERNATIONAL BOND MARKETS INTERNATIONAL FINANCE INTERNATIONAL STANDARDS INVESTING INVESTMENT ACTIVITIES INVESTMENT BANKING INVESTMENT FUND INVESTMENT FUNDS INVESTMENT OPPORTUNITIES INVESTMENT VEHICLES INVESTOR PROTECTION ISSUANCE ISSUANCE OF BONDS ISSUERS OF SECURITIES LACK OF COMPETITION LEGAL ENVIRONMENT LEGAL FRAMEWORK LEGAL PROTECTION LEGAL SYSTEM LEVEL PLAYING FIELD LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUIDITY LIQUIDITY OF TRANSACTIONS LOCAL MARKET MACROECONOMIC CONDITIONS MACROECONOMIC ENVIRONMENT MACROECONOMIC ENVIRONMENTS MARKET DEBT MARKET DEVELOPMENT MARKET DISCIPLINE MARKET INFRASTRUCTURE MARKET INTERMEDIARIES MARKET PARTICIPANTS MARKET SHARE MARKET STRUCTURE MARKET TRADING MATURITY MONETARY FUND MONEY MARKET MONEY MARKETS MORTGAGE MORTGAGES MUTUAL FUND MUTUAL FUND ASSETS MUTUAL FUNDS NATIONAL BANK NATIONAL SAVING OFFSHORE CENTERS OUTSIDE INVESTORS PENSION PENSION FUND PENSION FUNDS PENSION REFORM PENSION SYSTEM PORTFOLIO PRIVATE BANKS PRIVATE BOND PRIVATE CREDIT PRIVATE DEBT PRIVATE EQUITY PRIVATE INVESTORS PROFIT OPPORTUNITY REGULATORY FRAMEWORK REGULATORY PRACTICES REGULATORY STRUCTURE REGULATORY STRUCTURES REGULATORY SYSTEM RESERVE RETAIL BANKING RETAIL INVESTORS RETURN RETURNS RULE OF LAW SAVINGS BANK SECURITIES SECURITIES BROKERS SECURITIES EXCHANGE SECURITIES EXCHANGES SECURITIES MARKET SECURITIES MARKETS SELF-REGULATION SETTLEMENT SETTLEMENT PROCEDURES SHAREHOLDERS SHORT-TERM PAPER SMALL INVESTORS SOVEREIGN BONDS SOVEREIGN DEBT STATE BANKS STATE BONDS STOCK EXCHANGE STOCKS TAX TAX RATES TRADING TRADING SYSTEM TRANSACTIONS COSTS TRANSFER AGENTS TRANSITION COUNTRIES TRANSITION ECONOMIES TRANSPARENCY TREASURY TREASURY BOND TURNOVER WITHDRAWAL WORKING CAPITAL YIELD CURVE Pollner, John D. Russian Federation Capital Markets : Analysis and Diagnosis of the Financial Regulatory and Institutional Policies Required for Becoming an International Financial Center |
| geographic_facet |
Europe and Central Asia Russian Federation |
| description |
There should be two principal goals in
developing Russia as a financial center: a) attracting more
of the financial business of large enterprises and of the
wealthy, which now largely goes abroad to other
international financial centers; and b) serving the needs of
small and medium enterprises and small investors in Russia,
needs that are now largely unmet. Advancing the second goal
would help to advance the first goal by broadening the
diversity in securities market funding as well as firm
issuance possibilities. Financial centers exhibit benefits
of scale. Better serving the need of Small and Medium
Enterprise (SMEs) and small investors would increase both
the supply of securities and the demand for securities in
Moscow. An increased volume and liquidity of transactions
will make Moscow a more competitive financial center,
thereby attracting more of the business of large enterprises
and the wealthy that currently goes elsewhere. Finally, the
above actions will constitute the necessary conditions to
have the key elements for developing a significant financial
center. They may not be all sufficient measures however.
Non-financial market factors such as a suitable
macroeconomic environment, efficient city transport
facilities, reasonable housing availability, education
facilities for foreigners, and a streamlined and transparent
business regulatory environment all constitute key ancillary
aspects supporting the growth and broader operating
environment of international financial centers. |
| format |
Economic & Sector Work :: Other Financial Sector Study |
| author |
Pollner, John D. |
| author_facet |
Pollner, John D. |
| author_sort |
Pollner, John D. |
| title |
Russian Federation Capital Markets : Analysis and Diagnosis of the Financial Regulatory and Institutional Policies Required for Becoming an International Financial Center |
| title_short |
Russian Federation Capital Markets : Analysis and Diagnosis of the Financial Regulatory and Institutional Policies Required for Becoming an International Financial Center |
| title_full |
Russian Federation Capital Markets : Analysis and Diagnosis of the Financial Regulatory and Institutional Policies Required for Becoming an International Financial Center |
| title_fullStr |
Russian Federation Capital Markets : Analysis and Diagnosis of the Financial Regulatory and Institutional Policies Required for Becoming an International Financial Center |
| title_full_unstemmed |
Russian Federation Capital Markets : Analysis and Diagnosis of the Financial Regulatory and Institutional Policies Required for Becoming an International Financial Center |
| title_sort |
russian federation capital markets : analysis and diagnosis of the financial regulatory and institutional policies required for becoming an international financial center |
| publisher |
World Bank, Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2012/06/18042642/russian-federation-capital-markets-analysis-diagnosis-financial-regulatory-institutional-policies-required-international-financial-center http://hdl.handle.net/10986/16031 |
| _version_ |
1764431562050371584 |
| spelling |
okr-10986-160312021-04-23T14:03:23Z Russian Federation Capital Markets : Analysis and Diagnosis of the Financial Regulatory and Institutional Policies Required for Becoming an International Financial Center Pollner, John D. ACCESS TO CAPITAL ACCOUNTING ACCOUNTING STANDARDS ARBITRATION ASSET BACKED SECURITY ASSET HOLDINGS ASSET MANAGEMENT ASSET MANAGER ASSET MANAGERS BACKED BONDS BACKED SECURITIES BANK ACCOUNTS BANK ASSETS BANK BORROWING BANK BRANCH BANK BRANCHES BANK DEPOSITS BANKING INSTITUTIONS BANKING SECTOR BANKING SYSTEM BANKING SYSTEMS BARRIERS TO ENTRY BOND ISSUES BOND MARKET BOND MARKET DEVELOPMENT BOND MARKETS BONDS BORROWER BRANCH NETWORKS BUSINESS CYCLE CAPITAL FLOWS CAPITAL MARKET CAPITAL MARKETS CAPITAL MARKETS DEVELOPMENT CASH FLOWS CENTRAL BANK CHECKS COLLATERAL COMMERCIAL LAWS COMMON LAW COMPETITIVE FINANCIAL MARKETS CONFLICT OF INTEREST CONSUMER PROTECTION CORPORATE BONDS CORPORATE GOVERNANCE CREDIT INSTITUTIONS CURRENCY DEBT FINANCING DEBT INSTRUMENTS DEBT ISSUANCE DEBT MARKETS DEBT SECURITIES DEPOSIT DEPOSIT INSURANCE DEPOSITORS DEPOSITS DERIVATIVES DEVELOPMENT BANK DIRECT INVESTMENT DOMESTIC BANK DOMESTIC BANKS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC SECURITIES ELECTRONIC BANKING EQUITIES EQUITY MARKET EQUITY MARKET DEVELOPMENT EQUITY MARKETS EXCHANGE COMMISSION FINANCIAL ASSET FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR DEVELOPMENT FINANCIAL SYSTEM FINANCIAL SYSTEMS FIXED INCOME FOREIGN BANK FOREIGN BANKS FOREIGN CAPITAL FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN INVESTMENT FOREIGN INVESTOR FOREIGN INVESTORS FRAUD FUND MANAGEMENT GLOBAL ECONOMY GLOBALIZATION GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT INTERVENTION GOVERNMENT POLICY GOVERNMENT SAVING GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HEDGE FUNDS HOUSEHOLD SAVINGS INCOME INSTRUMENTS INFORMATION DISCLOSURE INSIDER TRADING INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INTERNATIONAL BOND INTERNATIONAL BOND MARKETS INTERNATIONAL FINANCE INTERNATIONAL STANDARDS INVESTING INVESTMENT ACTIVITIES INVESTMENT BANKING INVESTMENT FUND INVESTMENT FUNDS INVESTMENT OPPORTUNITIES INVESTMENT VEHICLES INVESTOR PROTECTION ISSUANCE ISSUANCE OF BONDS ISSUERS OF SECURITIES LACK OF COMPETITION LEGAL ENVIRONMENT LEGAL FRAMEWORK LEGAL PROTECTION LEGAL SYSTEM LEVEL PLAYING FIELD LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUIDITY LIQUIDITY OF TRANSACTIONS LOCAL MARKET MACROECONOMIC CONDITIONS MACROECONOMIC ENVIRONMENT MACROECONOMIC ENVIRONMENTS MARKET DEBT MARKET DEVELOPMENT MARKET DISCIPLINE MARKET INFRASTRUCTURE MARKET INTERMEDIARIES MARKET PARTICIPANTS MARKET SHARE MARKET STRUCTURE MARKET TRADING MATURITY MONETARY FUND MONEY MARKET MONEY MARKETS MORTGAGE MORTGAGES MUTUAL FUND MUTUAL FUND ASSETS MUTUAL FUNDS NATIONAL BANK NATIONAL SAVING OFFSHORE CENTERS OUTSIDE INVESTORS PENSION PENSION FUND PENSION FUNDS PENSION REFORM PENSION SYSTEM PORTFOLIO PRIVATE BANKS PRIVATE BOND PRIVATE CREDIT PRIVATE DEBT PRIVATE EQUITY PRIVATE INVESTORS PROFIT OPPORTUNITY REGULATORY FRAMEWORK REGULATORY PRACTICES REGULATORY STRUCTURE REGULATORY STRUCTURES REGULATORY SYSTEM RESERVE RETAIL BANKING RETAIL INVESTORS RETURN RETURNS RULE OF LAW SAVINGS BANK SECURITIES SECURITIES BROKERS SECURITIES EXCHANGE SECURITIES EXCHANGES SECURITIES MARKET SECURITIES MARKETS SELF-REGULATION SETTLEMENT SETTLEMENT PROCEDURES SHAREHOLDERS SHORT-TERM PAPER SMALL INVESTORS SOVEREIGN BONDS SOVEREIGN DEBT STATE BANKS STATE BONDS STOCK EXCHANGE STOCKS TAX TAX RATES TRADING TRADING SYSTEM TRANSACTIONS COSTS TRANSFER AGENTS TRANSITION COUNTRIES TRANSITION ECONOMIES TRANSPARENCY TREASURY TREASURY BOND TURNOVER WITHDRAWAL WORKING CAPITAL YIELD CURVE There should be two principal goals in developing Russia as a financial center: a) attracting more of the financial business of large enterprises and of the wealthy, which now largely goes abroad to other international financial centers; and b) serving the needs of small and medium enterprises and small investors in Russia, needs that are now largely unmet. Advancing the second goal would help to advance the first goal by broadening the diversity in securities market funding as well as firm issuance possibilities. Financial centers exhibit benefits of scale. Better serving the need of Small and Medium Enterprise (SMEs) and small investors would increase both the supply of securities and the demand for securities in Moscow. An increased volume and liquidity of transactions will make Moscow a more competitive financial center, thereby attracting more of the business of large enterprises and the wealthy that currently goes elsewhere. Finally, the above actions will constitute the necessary conditions to have the key elements for developing a significant financial center. They may not be all sufficient measures however. Non-financial market factors such as a suitable macroeconomic environment, efficient city transport facilities, reasonable housing availability, education facilities for foreigners, and a streamlined and transparent business regulatory environment all constitute key ancillary aspects supporting the growth and broader operating environment of international financial centers. 2013-10-02T18:41:54Z 2013-10-02T18:41:54Z 2012-06 http://documents.worldbank.org/curated/en/2012/06/18042642/russian-federation-capital-markets-analysis-diagnosis-financial-regulatory-institutional-policies-required-international-financial-center http://hdl.handle.net/10986/16031 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work :: Other Financial Sector Study Economic & Sector Work Europe and Central Asia Russian Federation |