PRIME-TASS. Russia could become a leading trading floor in partnership with an alliance of New York Stock Exchange (NYSE) and Frankfurt Stock Exchange (Deutsche Boerse), Sberbank CEO and board chairman German Gref said in his closing speech at a meeting held by the International Advisory Council in charge of establishment of an international financial center in Russia.
“Russia stands an excellent chance to become one of the leading exchanges spanning Asia and Eastern Europe as part of partnership with global exchange networks as an alliance of New York and Frankfurt Stock Exchanges. For this purpose the Russian trading floor should exploit the latest technologies and listing and investor involvement terms that meet the international standards," said head of the Russian largest bank who is also the council’s co-chairman.
He also pointed out that it is necessary to speed up the incorporation of a central depositary and a central counteragent and explore the option of nominal holding accounts to be opened by foreign depositaries.
The Sberbank chief executive, while announcing the meeting’s results, reiterated that an aspect in principle for the establishment of the international financial center is to develop the derivatives market.
“This is an exceptionally important market that is used to conduct hedge operations and maintain market liquidity. In the absence of this market normal development of other segments of the financial market is not possible," Gref said.
He also added that it is necessary to exclude the possibility to challenge a debtor’s transactions constituting derivative financial instruments as part of bankruptcy proceedings, to allow to balance income and losses under all securities, including derivatives, and to provide a possibility to use international recognized documentation under said transactions.
