Development of Capital Markets and Institutional Investors in Russia : Recent Achievements and Policy Challenges Ahead.

By: Noel, MichelContributor(s): Kantur, Zeynep | Krasnov, Yevgeny | Rutledge, SueMaterial type: TextTextPublisher: Herndon : World Bank Publications, 2006Copyright date: ©2006Description: 1 online resource (156 pages)Content type: text Media type: computer Carrier type: online resourceISBN: 9780821367957Subject(s): Capital market -- Russia (Federation) | Finance -- Russia (Federation) | Russia (Federation) -- Economic policyGenre/Form: Electronic books.Additional physical formats: Print version:: Development of Capital Markets and Institutional Investors in Russia : Recent Achievements and Policy Challenges AheadDDC classification: 332/.04150947 LOC classification: HG5580.2.A3 -- D49 2006ebOnline resources: Click to View
Contents:
Contents -- Acknowledgments -- Abbreviations -- Executive Summary -- 1. Capital Markets and Institutional Investors: Recent Evolution -- 2. Securities Markets: Key Impediments for Further Development and Policy Challenges Ahead -- Legal and Regulatory Framework -- Market Infrastructure -- Government Bonds -- Sub-Sovereign Bonds -- Corporate Bonds -- Equities -- 3. Institutional Investors: Key Impediments for Further Development and Policy Challenges Ahead -- Mutual Funds -- Pension Funds -- Insurance Companies -- Technical Annexes -- A. Recent Macroeconomic and Financial Sector Developments -- Macroeconomic Environment -- Banking Sector -- Capital Markets and Non-Bank Financial Institutions -- B. Legal and Regulatory Framework for Securities Markets -- Recent Evolution -- Key Impediments and Priorities Going Forward -- C. Market Infrastructure -- Recent Evolution -- Key Impediments to Development -- Key Priorities Going Forward -- D. Government Bond Market -- Recent Evolution -- Key Impediments to Development -- Key Priorities Going Forward -- E. Sub-Sovereign Bond Market -- Recent Evolution -- Key Impediments to Development -- Key Priorities Going Forward -- F. Corporate Bond Market -- Recent Evolution -- Key Impediments to Development -- Key Priorities Going Forward -- G. Equity Markets -- Recent Evolution -- Key Impediments to Development -- Key Priorities Going Forward -- H. Mutual Funds -- Recent Evolution -- Key Impediments to Development -- Key Recommendations Going Forward -- I. Pension Funds -- Recent Evolution -- Key Impediments to the Future Development of NSPFs -- Key Priorities Going Forward -- J. Insurance Companies -- Recent Evolution -- Key Impediments to the Development of the Insurance Sector -- Key Priorities Going Forward -- K. The Capital Market Development Project1 -- Project Background -- Bibliography -- LIST OF TABLES.
1. Key Macroeconomic Indicators -- 2. Banking Statistics -- 3. Capital Market (Supply side) -- 4. Capital Market (Demand side) -- 5. Markets for Russian Securities -- 6. MICEX Turnover -- 7. Registrars and Depositories 1996-2004 -- 8. Professional Market Participants -- 9. Government Bonds Outstanding, Billions of Rubles -- 10. Market Structure as of End November, 2005 -- 11. Regional Bond Issues in December 2005 -- 12. Domestic IPOs -- 13. Concentration of Assets-Top Five Asset Management Companies -- 14. Investment Funds Investors -- 15. Pension Replacement Rates and Other Indicators 1990-2000 (percent) -- 16. The Reform of the Unified Social Tax (US) and Its Influence on the Pension Reform -- 17. Funded Part of Pillar II (billions of rubles) -- 18. Investment Rules for Funded Portion of Pillar 2, Managed by Private Sector -- 19. NSPF Sector (Pillar III Funds) -- 20. Insurance Sector Profitability-Crude Loss Ratio, Percent -- 21. Technical Advisors Activities and Contribution to Policy Agenda (2004-05 Results) -- LIST OF FIGURES -- 1. M2/GDP Dynamics -- 2. Eurobonds Spreads to UST, bp -- 3. OFZ Effective Yield, percent -- 4. Official Rub/US Exchange Rate 2001-06 -- 5. OFZ Yields Dynamics -- 6. JP Morgan EMBI+ Russia Spread, bp (2002-05) -- 7. Subnational Bonds Outstanding, (nominal value as of End November 2005, billions of rubles) -- 8. Sub-sovereign Market Structure by Size, as of End November 2005 -- 9. Primary Market -- 10. Turnover 2002-05 -- 11. Sub-Sovereign Bond Yields 2002-05 -- 12. Corporate Bonds Market Dynamics -- 13. Corproate Bonds Turnover -- 14. Corporate Bonds, Types of Issuers -- 15. Investor Base (percentages) -- 16. Investor Base as of 2005 -- 17. Corporate Bond Average Annualized Yields 2002-05 -- 18. Corporate Yields Dynamics -- 19. Corporate Bonds Outstanding -- 20. Evolution of the Russian Equity Market (1996-2005).
21. Weighted Average Free Float for Emerging Market Equities -- 22. Russian Equities Turnover 2003-04 -- 23. RTS Index Performance -- 24. Investment Funds Growth -- 25. Investment Funds Net Asset Value (billions of rubles) -- 26. Net Asset Value of Funds by Assets Types, end of 2005 -- 27. Number of funds, end of 2005 -- LIST OF BOXES -- 1. Pre-reform Pension System in Russia. -- 2. Overview of the Russian Pension System, Starting from January 1, 2005.
Summary: This study reviews the recent developments in capital markets and institutional investors in Russia, and examines the policy challenges ahead for the development of the sector. The analysis covers key impediments for further development and policy challenges for securities markets, in particular legal and regulatory framework, market infrastructure, government bonds, sub-sovereign bonds, corporate bonds, and equities. The analysis also covers key impediments for further development and policy challenges for mutual funds, pension funds, and insurance companies.
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Contents -- Acknowledgments -- Abbreviations -- Executive Summary -- 1. Capital Markets and Institutional Investors: Recent Evolution -- 2. Securities Markets: Key Impediments for Further Development and Policy Challenges Ahead -- Legal and Regulatory Framework -- Market Infrastructure -- Government Bonds -- Sub-Sovereign Bonds -- Corporate Bonds -- Equities -- 3. Institutional Investors: Key Impediments for Further Development and Policy Challenges Ahead -- Mutual Funds -- Pension Funds -- Insurance Companies -- Technical Annexes -- A. Recent Macroeconomic and Financial Sector Developments -- Macroeconomic Environment -- Banking Sector -- Capital Markets and Non-Bank Financial Institutions -- B. Legal and Regulatory Framework for Securities Markets -- Recent Evolution -- Key Impediments and Priorities Going Forward -- C. Market Infrastructure -- Recent Evolution -- Key Impediments to Development -- Key Priorities Going Forward -- D. Government Bond Market -- Recent Evolution -- Key Impediments to Development -- Key Priorities Going Forward -- E. Sub-Sovereign Bond Market -- Recent Evolution -- Key Impediments to Development -- Key Priorities Going Forward -- F. Corporate Bond Market -- Recent Evolution -- Key Impediments to Development -- Key Priorities Going Forward -- G. Equity Markets -- Recent Evolution -- Key Impediments to Development -- Key Priorities Going Forward -- H. Mutual Funds -- Recent Evolution -- Key Impediments to Development -- Key Recommendations Going Forward -- I. Pension Funds -- Recent Evolution -- Key Impediments to the Future Development of NSPFs -- Key Priorities Going Forward -- J. Insurance Companies -- Recent Evolution -- Key Impediments to the Development of the Insurance Sector -- Key Priorities Going Forward -- K. The Capital Market Development Project1 -- Project Background -- Bibliography -- LIST OF TABLES.

1. Key Macroeconomic Indicators -- 2. Banking Statistics -- 3. Capital Market (Supply side) -- 4. Capital Market (Demand side) -- 5. Markets for Russian Securities -- 6. MICEX Turnover -- 7. Registrars and Depositories 1996-2004 -- 8. Professional Market Participants -- 9. Government Bonds Outstanding, Billions of Rubles -- 10. Market Structure as of End November, 2005 -- 11. Regional Bond Issues in December 2005 -- 12. Domestic IPOs -- 13. Concentration of Assets-Top Five Asset Management Companies -- 14. Investment Funds Investors -- 15. Pension Replacement Rates and Other Indicators 1990-2000 (percent) -- 16. The Reform of the Unified Social Tax (US) and Its Influence on the Pension Reform -- 17. Funded Part of Pillar II (billions of rubles) -- 18. Investment Rules for Funded Portion of Pillar 2, Managed by Private Sector -- 19. NSPF Sector (Pillar III Funds) -- 20. Insurance Sector Profitability-Crude Loss Ratio, Percent -- 21. Technical Advisors Activities and Contribution to Policy Agenda (2004-05 Results) -- LIST OF FIGURES -- 1. M2/GDP Dynamics -- 2. Eurobonds Spreads to UST, bp -- 3. OFZ Effective Yield, percent -- 4. Official Rub/US Exchange Rate 2001-06 -- 5. OFZ Yields Dynamics -- 6. JP Morgan EMBI+ Russia Spread, bp (2002-05) -- 7. Subnational Bonds Outstanding, (nominal value as of End November 2005, billions of rubles) -- 8. Sub-sovereign Market Structure by Size, as of End November 2005 -- 9. Primary Market -- 10. Turnover 2002-05 -- 11. Sub-Sovereign Bond Yields 2002-05 -- 12. Corporate Bonds Market Dynamics -- 13. Corproate Bonds Turnover -- 14. Corporate Bonds, Types of Issuers -- 15. Investor Base (percentages) -- 16. Investor Base as of 2005 -- 17. Corporate Bond Average Annualized Yields 2002-05 -- 18. Corporate Yields Dynamics -- 19. Corporate Bonds Outstanding -- 20. Evolution of the Russian Equity Market (1996-2005).

21. Weighted Average Free Float for Emerging Market Equities -- 22. Russian Equities Turnover 2003-04 -- 23. RTS Index Performance -- 24. Investment Funds Growth -- 25. Investment Funds Net Asset Value (billions of rubles) -- 26. Net Asset Value of Funds by Assets Types, end of 2005 -- 27. Number of funds, end of 2005 -- LIST OF BOXES -- 1. Pre-reform Pension System in Russia. -- 2. Overview of the Russian Pension System, Starting from January 1, 2005.

This study reviews the recent developments in capital markets and institutional investors in Russia, and examines the policy challenges ahead for the development of the sector. The analysis covers key impediments for further development and policy challenges for securities markets, in particular legal and regulatory framework, market infrastructure, government bonds, sub-sovereign bonds, corporate bonds, and equities. The analysis also covers key impediments for further development and policy challenges for mutual funds, pension funds, and insurance companies.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2018. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.

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