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Ministers to review long-term financial market strategy
RBC, 01.12.2008, Moscow 09:26:04.Russian ministers will consider a draft financial market development strategy until 2020 at a Presidium meeting today. The document was introduced to the government by the Federal Financial Markets Service (FFMS) and has been approved by the Finance and Economy Ministries, as well as the Central Bank. The strategy contains several target figures. The FFMS expects that the capitalization of public companies traded on Russian financial markets will amount to RUB 170 trillion (approx. USD 6.16 trillion) in 2020 (up from RUB 32 trillion, or approx. USD 1.16 trillion, as of January 1, 2008), while share trading volumes will reach RUB 240 trillion (approx. USD 8.69 trillion) (up from RUB 31.4 trillion, or approx. USD 1.14 trillion), the value of outstanding corporate bonds will total RUB 19 trillion (approx. USD 688.16bn) (up from RUB 1.2 trillion, or approx. USD 43.46bn), and pension savings and private pension funds' reserves will equal RUB 12 trillion (approx. USD 434.63bn) (up from RUB 600bn, or approx. USD 21.73bn). In its calculations, the FFMS did not take into account the crisis conditions on the Russian financial market, and based its projections on data as of January 1, 2008.
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