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  Sunday, February 28, 2021
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Mikhail Fradkov has proposed devoting one session of the Government to market economy instruments
Russian Prime Minister Mikhail Fradkov has proposed devoting one session of the Government to market economy instruments. "We ought to take on market economy instruments today," he said and added that a special session of the Government should be devoted to the legislation in this department. "Currently we are handling this in private, but this has to be considered at a comprehensive level," he said. Russian Economic Development and Trade Minister German Gref, speaking at the Government session, underscored that major operations in the Russian market are speculative. "The total capitalization of the market is provided by a dozen Russian companies that are present all around the market. This is speculation that has little to do with economic development," he said. He also said that in the past year only half a dozen companies issued their shares on the Russian market, which he described as a disaster for the Russian exchange. "This is a disaster," he said and urged for special measures to improve the situation. The Prime Minister sustained Mr. Gref's proposal. In terms of infrastructure, the Russian stock market severely lags behind leading world exchanges, chief of the Federal Service for Financial Markets Oleg Vyugin said at the session. He said the settlements and ownership rights accounting systems in Russia were heavily underdeveloped. All transaction in Russia are spot deals on which payment is immediate, while outside Russia the total share of such transactions is no more than 20%, he added. According to Mr. Vyugin, under current terms the London exchange is far more trade-friendly than any Russian one. He underscored that, while the Russian market grows slower than others, Russian shares account for half the turnover of the London Stock Exchange. Naturally, management companies have an option of buying Russian shares abroad. "To go there for Russian stockis an option. This means money is still invested in the Russian economy, but our shares are floated on other exchanges," he said and commented that Russian stock showed strong growth abroad.
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