The Ideal Model of the Russian securities market for the long-term perspective (until 2020).

In 2006 NAUFOR began developing the research entitled "The Ideal Model of the Russian securities market for the long-term perspective (until 2020)". (Summary in English)

The purpose of the research is to create the optimal theoretical model of Russian securities market development that would allow it to meet its economic and social functions most efficiently and to step into the global competition as one of the global financial centers.

The research covers all aspects of the securities market including infrastructure, collective investments and market of foreign securities.

In the framework of the research "The Ideal Model of the Russian securities market for the long-term perspective (until 2020)" NAUFOR attempted to describe the ideal mode of the securities market of Russia. By "ideal model" we mean total quality and quantity features of the market that will allow it to most effectively perform its economic and social functions that will support its competitiveness on the international arena.

NAUFOR has involved principal scientists, economists and representatives of the industry in the work on the research. Along with domestic experts, Thomas Murray and Ernst&Young consultants also contribute to the project.

The Ideal Model research consists of three parts:

1. Current market conditions;
2. General Ideal Model Parameters;
3. Recommendations to reach the Ideal Model.

On the first stage of the work authors have introduced indicators that characterize the market as competitive and help monitoring its development. 2020 was chosen as a target year when Russian market could become a global financial center with capitalization about 3 trillion U.S. dollars.

The first text of the Research containing two first parts was published on December 15, 2006 when NAUFOR held the first public discussions of the paper. The discussion was focused on the adoption of chosen indicators of market development, their effectiveness and the figures of targeted indicators.

The draft of the research's third part evolved in Spring 2007 and was introduced during NAUFOR Annual Conference “Russian Securities Market 2007 - Time of Quality Changes”. The third part contains recommendations and proposals to change the regulation and infrastructure of the Russian market that will support its formation as a global financial center.

In May 2007, based on results of discussion with market participants, NAUFOR established three working groups that were asked to develop recommendations for infrastructure, taxation and financial institutions and instruments. These working groups incorporated top executives of infrastructure organizations and principal professional market participants.

In summer 2007 NAUFOR sponsored the Thomas Murray's report “Blueprint for the Capital Markets Infrastructure in the Russian Federation” which became a discussion material on future trends and perspectives of Russian market and recommendations for infrastructure's modernization. Presentation of this paper and first discussion within Infrastructure Working Group was held on 16 November 2007.

The Ideal Model research was finished in March 2008 and was firstly introduced to the public at NAUFOR annual Russian Securities Market Conference focused on the establishment of an international financial center in Russia (April 11, 2008, Baltchug Kempinsky Hotel).

The official presentation of the Ideal Model research paper is to be held at the Institute for Contemporary Development (earlier RIO Center) in June 2008.

 
 

---

Full text of the Ideal Model in Russian