In recent years the Russian government has been putting increasing emphasis on the growth of its financial services industry. There is a particular focus on how the industry can play a greater role in offering diverse and innovative ways to put Russia’s natural resource wealth to work to drive growth and development across all sectors of the economy.
In 2010, the Russian government set up the Moscow International Financial Centre (MIFC) initiative to lead this project and to ensure that international cooperation was at the forefront. Following discussions with the Lord Mayor of the City of London, the newly created MIFC Taskforce identified the TheCityUK as its partner of choice in 2011.
A Moscow/London Joint Liaison Group (JLG) was formed and a Memorandum of Understanding (MoU) between the Russian MIFC Taskforce, TheCityUK and Vnesheconombank was signed in Moscow in September 2011 in the presence of President Dmitri Medvedev and Prime Minister David Cameron.
Promotion by the Moscow Exchange, including two large London events in 2012, in which members of TheCityUK spoke by invitation, and the global road shows associated with its February IPO contributed to Moscow joining the top 10 list of Cities most mentioned to increase significance as reported by the current Global Financial Centre Index, published March 2013 by Z/Yen. Positive focus on opportunities has been highlighted through the Moscow Exchange Forum 2013 attended by more than 800 leading market participants, investors and regulators, and the SWIFT Business Forum with more than 700 in London, which included a panel proposed and moderated by TheCityUK on the International Financial Centre. Significant industry gatherings met in the first half of this year to discuss the MIFC at London’s CityWeek conference, the JPMorgan Custody & Fund Services Russia Forum and the FTSE Global Markets Accessing Russia 2013, all adding to the momentum.
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