The opening of another stock exchange market for foreign securities proves that the infrastructure of the Russian stock market is doing well in spite of the financial problems and critical developments on the global stock market. This development reflects the first real move for opening an international financial center in Russia.

The opening of the new marketplace allows Russian capital investors access to the best-selling deposit receipts for stock in Russian business companies, stock in foreign investment foundations, which are active on the former Soviet territory, and Kazakh, Ukrainian, Turkmen, Canadian and other securities. Securities of Russian business companies Severstal, Norilsky Nikel, LUKoil, Polyus Zoloto, Vympelkom, Tatneft, and Rosneft, as well as Kazakh Kazkommertsbank and Dobycha Razvedka KazMunaiGaz have already been put up for sale. One way or another, all the securities are rooted in Russia: they are Russian securities issued abroad, or stock in foreign companies that are active in Russia. Vladimir Milovidov, who heads the Federal Service for Financial Markets, said that “participants in a recently held consultative conference on the transformation of Russia into a global financial center assigned priority to welcoming foreign securities to the Russian marketplace. They said these moves would help the financial market of Russia to turn into the foundation for a global financial center. Because Milovidov sees the pro’s and con’s of this new endeavor, he will be keeping an eye on this venture. He sees the new experience of selling foreign securities in other-than-stock-exchange tenders as highly important.