Moscow on its way to becoming an international financial center
12
Alexander Potemkin, Alexander Potemkin, President of the MICEX President of the MICEX Moscow on its way to becoming an Moscow on its way to becoming an international financial center international financial center
description
Moscow on its way to becoming an international financial center. Alexander Potemkin, President of the MICEX. MICEX and DB value chains. Russian issuers on the world exchanges. The ADR/GDR’s traded on DB : Gazprom RAO UES GMK Norilsk Nickel LUKOIL Sberbank Rostelecom Rosneft - PowerPoint PPT Presentation
Transcript of Moscow on its way to becoming an international financial center
Alexander Potemkin,Alexander Potemkin,President of the MICEXPresident of the MICEX
Moscow on its way to becoming an international Moscow on its way to becoming an international financial centerfinancial center
2
MICEX and DB value chains
Value Chain Deutsche Börse Group MICEX Group
Trading and front-office
•Deutsche Börse AG•Frankfurt Stock Exchange•Eurex Frankfurt AG•Eurex Zürich AG
•MICEX Stock Exchange• MICEX
Clearing•Clearstream International S.A.•Eurex Clearing AG
•MICEX•National Clearing Centre (project)
Settlement •Clearstream International S.A.•National Depository Center•MICEX Settlement House
IT •Deutsche Börse Systems AG •MICEX
Regional Exchanges
•Berlin Stock Exchange•Düsseldorf Stock Exchange•Hamburg and Hannover Stock Exchange•Munich Stock Exchange•Stuttgart Stock Exchange
•The MICEX Far East (Vladivostok)•The N. Novgorod Stock and Currency Exchange (N. Novgorod)•The Samara Currency Interbank Exchange (Samara)•The St.-Petersburg Currency Exchange (St.-Petersburg)•The Siberian Interbank Currency Exchange (Novosibirsk)•The MICEX South (Rostov-on-Don)•The Ural Regional Currency Exchange (Yekaterinburg)
3
Russian issuers on the world exchanges
• The ADR/GDR’s traded on DB:· Gazprom· RAO UES· GMK Norilsk Nickel· LUKOIL· Sberbank· Rostelecom· Rosneft· Surgutneftegaz· VTB· MTSand others
202
51
30 5
MICEX SE DB LSE NYSE
44
MICEX in the world ranking
Ranking of exchangesby daily average volume of trades with equities and bonds in January–October 2007*
# ExchangeTrade
volume, mln USD
Numberof issuersof equities
# ExchangeTrade
volume, mln USD
Numberof issuersof equities
1 NYSE Group 116 246 2 279 13 Swiss Exchange 8 256 346
2 Nasdaq 60 280 3 075 14 Hong Kong Exchanges 8 236 1 220
3 London SE 59 043 3 287 15 TSX Group 6 640 3 926
4 BME Spanish Exchanges 36 490 3 512 16 Australian SE 5 528 1 942
5 Tokyo SE 26 479 2 413 17 MICEX Group** 4 497 202
6 Euronext 24 093 1 184 18 Taiwan SE Corp. 4 140 686
7 OMX Nordic Exchange 19 117 845 19 Istanbul SE 3 245 319
8 Deutsche Börse 18 898 859 20 National Stock Exchange India 2 967 1 307
9 Shanghai SE 17 373 856 21 Oslo Bors 2 686 246
10 Borsa Italiana 10 473 305 22 American SE 2 633 595
11 Korea Exchange 9 596 1 741 23 Colombia SE 2 318 94
12 Shenzhen SE 9 054 644 24 Sao Paulo SE 2 311 403
* Based on data from WFE and IAE CIS
** Incl. initial placements and REPO MICEX Group ranks #11
55
Internationalizationof the Russian financial market
Daily average volume of tradesof nonresidents on the MICEX SE
187 168 400 736
1311
18
31
0
5
10
15
20
25
30
35
40
2004 2005 2006 J an–Nov2007
%
0
100
200
300
400
500
600
700
800mln USD
Volume
Share
Daily average volumeof trades of foreign banks' officeson the MICEX currency market
537 1011 1604
27
22
26
20
22
24
26
28
2005 2006 J an–Nov 2007
%
0
500
1000
1500
2000mln USD
Volume
Share
66
Internationalizationof the Russian financial market
Country Investment bank
Austria Raiffeisenbank
France BNP PARIBAS
Germany
СOMMERZBANK
Dresdner Bank
Deutsche Bank
SwitzerlandCredit Suisse First Boston Bank
UBS Securities
The NetherlandsABN AMRO Bank
ING BANK
USA
Citibank
Goldman Sachs
J.P. Morgan Bank International
Merrill Lynch
Morgan Stanley
77
Distribution of investors-nonresidentsby countries
Total number of clients-nonresidents 3081
Number of countries 77
Figures for investors are given for the end of September; turnover is given for 3 rd quarter of 2007
Cyprus183
6
Great Britain 84
Germany 34
France 4
Italy 2
Others 641
Total260
1China 22
India 14
Korea 5
Japan 5
Others278
Total324
Australia 3
Seychelles19
RSA 3
Ethiopia 3
Angola 1
Gabon 1
Total27
USA 46
Canada 5
Others 71
Total122
221.8 bn
2.6 bn
0.1 bn
0.2 bn
0.0 bn
8
Ruble gains world recognition
• Russia’s international reserves at November 23, 2007: $459$459..6 6 bln bln — third largest after China and Japan
• Currency liberalization — On July 1, 2006 the Bank of Russia fully liberalized cross-border capital flows
• The share of cross-border trades in the ruble-US dollar currency market sector in September 2007 — 3737..2%2%
• Volume of ruble-denominated Eurobonds placed inJanuary–November 2007 — $$4.64.6 blnbln
9
Factors of Competitivenessof International Financial Centers
Factor Average Score
1 Availability of Skilled Personnel 5.37
2 Regulatory Environment 5.16
3 Access to International Financial Markets 5.08
4 Availability of Business Infrastructure 5.01
5 Access to Customers 4.90
6 A Fair and Just Business Environment 4.67
7 Government Responsiveness 4.61
8 Corporate Tax Regime 4.47
9 Operational Costs 4.38
10 Access to Suppliers of Professional Services 4.33
11 Quality of Life 4.30
12 Cultural & Language 4.28
13 Quality / Availability of Commercial Property 4.04
14 Personal Tax Regime 3.89
Based on data from “The Corporation of London”
10
Creating IFC in Moscow
• Investments• Taxes• Employment• Image
• Concentration of offices• Transportation infrastructure• Safety• Stable energy supply• Modern communications
1111
International financial centers
NYSENYSE
LSELSE EuronextEuronext
DBDB Moscow
SGXSGX
HKExHKEx
TSETSE
1212
Contacts
• www.micex.com
• +7 495 234-48-11
• 13, Bolshoi Kislovskiy pereulok, Moscow,125009, Russia
