Pollner, John D.2013-10-022013-10-022012-06https://hdl.handle.net/10986/16031There 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.en-USCC BY 3.0 IGOACCESS TO CAPITALACCOUNTINGACCOUNTING STANDARDSARBITRATIONASSET BACKED SECURITYASSET HOLDINGSASSET MANAGEMENTASSET MANAGERASSET MANAGERSBACKED BONDSBACKED SECURITIESBANK ACCOUNTSBANK ASSETSBANK BORROWINGBANK BRANCHBANK BRANCHESBANK DEPOSITSBANKING INSTITUTIONSBANKING SECTORBANKING SYSTEMBANKING SYSTEMSBARRIERS TO ENTRYBOND ISSUESBOND MARKETBOND MARKET DEVELOPMENTBOND MARKETSBONDSBORROWERBRANCH NETWORKSBUSINESS CYCLECAPITAL FLOWSCAPITAL MARKETCAPITAL MARKETSCAPITAL MARKETS DEVELOPMENTCASH FLOWSCENTRAL BANKCHECKSCOLLATERALCOMMERCIAL LAWSCOMMON LAWCOMPETITIVE FINANCIAL MARKETSCONFLICT OF INTERESTCONSUMER PROTECTIONCORPORATE BONDSCORPORATE GOVERNANCECREDIT INSTITUTIONSCURRENCYDEBT FINANCINGDEBT INSTRUMENTSDEBT ISSUANCEDEBT MARKETSDEBT SECURITIESDEPOSITDEPOSIT INSURANCEDEPOSITORSDEPOSITSDERIVATIVESDEVELOPMENT BANKDIRECT INVESTMENTDOMESTIC BANKDOMESTIC BANKSDOMESTIC CAPITALDOMESTIC CAPITAL MARKETDOMESTIC MARKETDOMESTIC MARKETSDOMESTIC SECURITIESELECTRONIC BANKINGEQUITIESEQUITY MARKETEQUITY MARKET DEVELOPMENTEQUITY MARKETSEXCHANGE COMMISSIONFINANCIAL ASSETFINANCIAL CRISISFINANCIAL DEVELOPMENTFINANCIAL INFRASTRUCTUREFINANCIAL INSTITUTIONSFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL SECTOR DEVELOPMENTFINANCIAL SYSTEMFINANCIAL SYSTEMSFIXED INCOMEFOREIGN BANKFOREIGN BANKSFOREIGN CAPITALFOREIGN EXCHANGEFOREIGN EXCHANGE RESERVESFOREIGN INVESTMENTFOREIGN INVESTORFOREIGN INVESTORSFRAUDFUND MANAGEMENTGLOBAL ECONOMYGLOBALIZATIONGOVERNMENT DEBTGOVERNMENT DEBT MARKETGOVERNMENT INTERVENTIONGOVERNMENT POLICYGOVERNMENT SAVINGGOVERNMENT SECURITIESGROSS DOMESTIC PRODUCTHEDGE FUNDSHOUSEHOLD SAVINGSINCOME INSTRUMENTSINFORMATION DISCLOSUREINSIDER TRADINGINSTITUTIONAL INVESTORSINSTRUMENTINSURANCEINSURANCE COMPANIESINTERNATIONAL BONDINTERNATIONAL BOND MARKETSINTERNATIONAL FINANCEINTERNATIONAL STANDARDSINVESTINGINVESTMENT ACTIVITIESINVESTMENT BANKINGINVESTMENT FUNDINVESTMENT FUNDSINVESTMENT OPPORTUNITIESINVESTMENT VEHICLESINVESTOR PROTECTIONISSUANCEISSUANCE OF BONDSISSUERS OF SECURITIESLACK OF COMPETITIONLEGAL ENVIRONMENTLEGAL FRAMEWORKLEGAL PROTECTIONLEGAL SYSTEMLEVEL PLAYING FIELDLIFE INSURANCELIFE INSURANCE COMPANIESLIQUIDITYLIQUIDITY OF TRANSACTIONSLOCAL MARKETMACROECONOMIC CONDITIONSMACROECONOMIC ENVIRONMENTMACROECONOMIC ENVIRONMENTSMARKET DEBTMARKET DEVELOPMENTMARKET DISCIPLINEMARKET INFRASTRUCTUREMARKET INTERMEDIARIESMARKET PARTICIPANTSMARKET SHAREMARKET STRUCTUREMARKET TRADINGMATURITYMONETARY FUNDMONEY MARKETMONEY MARKETSMORTGAGEMORTGAGESMUTUAL FUNDMUTUAL FUND ASSETSMUTUAL FUNDSNATIONAL BANKNATIONAL SAVINGOFFSHORE CENTERSOUTSIDE INVESTORSPENSIONPENSION FUNDPENSION FUNDSPENSION REFORMPENSION SYSTEMPORTFOLIOPRIVATE BANKSPRIVATE BONDPRIVATE CREDITPRIVATE DEBTPRIVATE EQUITYPRIVATE INVESTORSPROFIT OPPORTUNITYREGULATORY FRAMEWORKREGULATORY PRACTICESREGULATORY STRUCTUREREGULATORY STRUCTURESREGULATORY SYSTEMRESERVERETAIL BANKINGRETAIL INVESTORSRETURNRETURNSRULE OF LAWSAVINGS BANKSECURITIESSECURITIES BROKERSSECURITIES EXCHANGESECURITIES EXCHANGESSECURITIES MARKETSECURITIES MARKETSSELF-REGULATIONSETTLEMENTSETTLEMENT PROCEDURESSHAREHOLDERSSHORT-TERM PAPERSMALL INVESTORSSOVEREIGN BONDSSOVEREIGN DEBTSTATE BANKSSTATE BONDSSTOCK EXCHANGESTOCKSTAXTAX RATESTRADINGTRADING SYSTEMTRANSACTIONS COSTSTRANSFER AGENTSTRANSITION COUNTRIESTRANSITION ECONOMIESTRANSPARENCYTREASURYTREASURY BONDTURNOVERWITHDRAWALWORKING CAPITALYIELD CURVEWorld Bank10.1596/16031