Financial Centers: Moving from North & West to South & East

DAY ONE, 11:15-12:45

Government has the stated ambition of developing Moscow into a regional financial powerhouse, meaningful within a global context. Despite sound macroeconomic policy, and a large economy that is growing at a healthy pace, the financial architecture and operating environment lags that of many smaller countries. Impediments to overcome to reaching the objective include poor corporate governance and minority rights protection, incomplete financial architecture, the need to introduce legislation to facilitate the growth of a sizeable private contractual savings industry, and arcane immigration and employment legislation. None of the aforementioned challenges are insurmountable, but the longer the time taken to resolve them, the greater the lead will be that other centers establish over Moscow.