NYSE CEO: Russia Seriously Committed To Modernizing Marketplace
18 Giugno 2011 - 6:20PM
Dow Jones News
Russia is showing signs of real commitment to revitalizing its
financial markets, and should concentrate on strengthening property
rights as the first step, NYSE Euronext (NYX) Chief Executive
Duncan Niederauer said Saturday.
In an interview on the sidelines of the St. Petersburg
International Forum, Niederauer said that the process of developing
the domestic capital market in a modern economy was inextricably
connected to defending property rights.
"People have to be comfortable that if you set up a company here
and play by the rules, then it remains your company," Niederauer
said. At the same time, he added, Russia needs to embrace policies
that "will encourage a migration from an economy centered around
the public sector to one that facilitates the private sector."
Niederauer argued that, in a modern economy, many of the
companies that turn to the stock market for growth are going to be
focused on technology, and stressed that the security of
intellectual property rights was therefore especially
important.
Niederauer, recently appointed co-head of an international
advisory board to President Dmitry Medvedev, said he was pleasantly
surprised by how receptive officials were to such ideas, but warned
that "The issue remains: Are they really serious? Or is the
bureaucracy going to continue to stymie progress?"
Russia's domestic capital market has stagnated in recent years.
The pre-crisis boom had been so dramatic that stock market volume
rose from nearly nothing at the start of the decade to be Europe's
fourth-largest by 2008, but the collapse of Lehman Brothers and
subsequent withdrawal of international liquidity exposed its weak
foundations.
Fractious, high-profile takeover battles and excessive red tape
have largely deterred new companies from listing since then.
Austrian banker Herberg Stepic, a veteran of eastern European
emerging markets, lamented Friday that, 20 years after the fall of
the Soviet Union, the Russian capital market still only has
short-term resources to offer, instead of the long-term capital the
country's entrepreneurs need.
The government recently appointed Deputy Finance Minister Dmitry
Pankin to replace the ineffective Vladimir Milovidov, in a sign
that it wishes to revitalize reform. Pankin has already signaled a
willingness to scrap restrictions on listing shares abroad, and
create a framework that relies on incentives, rather than
compulsion, to promote domestic listings.
With regard to NYSE Euronext's own opportunities in Russia,
Niederauer said much will depend on what happens after the proposed
merger of the country's two largest exchanges, the Moscow
International Currency Exchange, owned by the central bank, and the
Russian Trading System, which is owned by its members.
Niederauer expressed hope that a merged exchange would be able
to take advantage of NYSE's technology in real-time risk management
of the clearing house, along with other post-trade elements such as
depository and settlement infrastructure.
"The post-trade process, particularly post-crisis, is the most
important" part of an exchange's business, Niederauer said.
-By Geoffrey T. Smith, Dow Jones Newswires; (+44) 758 427 1612;
geoffrey.smith@dowjones.com
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