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Moscow to boost standing as global financial centre
Published: 07 April, 2010, 22:38
Edited: 25 June, 2010, 17:12
Improving the investment climate, reforming financial infrastructure, and clarifying the tax regime - these tasks are on Moscow's "to do" list, as it bids to become a global financial center.
In order to increase substantially the volume of stock and exchange operations and to facilitate capital flow my proposal is to introduce officially the regional non-cash unit of accounts Federal ruble-FRU-as the already existing de-facto average between the rates of exchanges of Usd and Euro in defining correlations between official rates of exchanges of russian ruble,ukrainian ghrivna, kazakh tenge and other CIS soft national currencies.The Central Bank of Russia nominated its basket as 55 cents usd and 45 cents euro.Federal ruble may potentially become the capital monetary unit of the Interstate CIS accounting Bank. Thank you
Although this messege would look highly premature still may i take a risk, since i had recently a rather hot dispute with a very knowledgeble lecturer from the Goteborg School of Economics and Commercial Law.My point is that the federal ruble as a conditional unit of accounts would serve as the capital formation reserve unit for a Common issuing Bank of the recently enlarged and strengthened CIS free trade area and at a later stage -common market. Since Moscow is becoming the regional finance center woul it not be fare and logical to locate the common issuing bank of federal ruble in the capital of Ukraine and of the ancient Kievan Rusj?
There is an interesting interview (video) in FT.Trading Room with Lilia Severina about "Data centres: the financial centres for the future?" The main Data centres Severina names are: Frankfurt, Zurich, Stockholm and Madrid. So, Moscow has also a chance to have a Data centre and the new Skolkovo project can lead in this way. Data centers need a good telecom development and be next to the Stock Exchange. Skolkovo will have the necessary broadband internet connection at least on the same range as Madrid, so a Data centre can be included. If Madrid has done it, Moscow also can have it. It is true, Telefónica is the second largest telecom operator in the World and Madrid has the headquarters of 8 of the Fortune 500 companies, including Santander, Repsol, Telefónica etc. and the Madrid Stock Exchange is one of the largest in the World and includes the Latibex, which is the main financial center for Latinamerica. Moscow is also the headquarter of 8 of the Fortune 500 companies, including Gazprom, Lukoil, Rosneft, Rusal etc, and MICEX can be the main financial center for the space between Poland and China, or between Ukraine and Russia, apart from an exchange center for raw materials like oil, gas, steel, gold....grain etc.