Moscow International Financial Centre
We are working with the Russian Government on a major project to help Moscow develop as an international financial centre, creating new business opportunities for our member firms.
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 former President Dmitri Medvedev and Prime Minister David Cameron.
The MIFC Project brings together very senior and experienced practitioners from the UK and Russian financial services industry. TheCityUK, as the overarching voice of financial and professional services in the UK, welcomes members to engage in this exciting and dynamic work.
Significant progress has been made through the legislature and market development in the Securities and Derivatives stream. It is proposed that furthering this progress can best be achieved under a single stream combining the market infrastructure functions that support these markets. The Education, Training and Qualifications stream is also making good progress with its 10 point plan. The Alternative Dispute Resolution and The Branding Marketing and PR streams both produced comprehensive reports for the last JLG and the Chairmen of these streams stand ready to support their counterparts in the course of action they decide to take. Therefore no further reports on these workstreams have been produced.
The JLG is also looking forward to building engagement around the Regulatory and Supervisory stream and the Long-Term Finance stream in 2013.
The work of the JLG is structured around seven practitioner-led working groups:
- Regulation & Supervision
- Education, Training and Qualifications
- Public Private Partnerships
Reports are in progress for the following work-streams:
Follow this link to view the MIFC Joint Liaison Group structure chart.
To get involved in our Moscow International Financial Centre Group, or learn more about our work contact Hamish Rowan-Hamilton.
Follow this link to the Russian MIFC website to find out more about the Russian side of the initiative.
Latest publications and research
Follow this link to see our latest Moscow as an International Financial Centre and Russia related events.