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  Wednesday, June 26, 2019
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Russia will have, before the year's end, a legislative basis for derivative financial tools
Russia will have, before the year's end, a legislative basis for derivative financial tools, said Victor Pleskachevsky, property committee head of the State Duma, parliament's lower house. He was addressing a roundtable on legislative developments concerning derivatives and organised finance markets. The Duma has received a relevant bill by now, said the MP. Concepts of other bills are being worked out-on organised markets and exchange activities, on warehouse certificates, and on authorised warehouses. The Russia derivative market is only embryonic, Anatoli Aksakov, second in charge of the Duma committee for crediting organisations and finance markets, pointed out. Reigning in that market are speculative transactions. However, there are prerequisites to use derivatives. First of all, the matter demands an explicit definition of derivatives, though it is a baffling job to define them. Progress of derivative-related legislation will promote the stock market, which is a yardstick of economic legislative development. It will make the Russian economy more transparent, and enhance confidence in it, added Mr. Pleskachevsky. "Progress of laws on derivatives promotes our goal-to make Russia economically strong." The state must join hands with interested people in the market if bylaws in that field are to make good progress, too, he pointed out.
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