NYSE - Now lists several major Russian companies and provides a dedicated page to them.
The London Stock Exchange is by far the most popular foreign exchange for Russian companies to list with. Note the links at the top to info on those listed on AIM and links to Russian Market News.
4. Banking and Investment Firms
The Association of Russian Banks is a nongovernmental and noncommercial organization that unites commercial banks and other credit organizations. It provides for arbitration between them and attempts to raise the standards of banking in Russia.
Wikipedia gives a general overview of banking regulation in Russia.
Some of Russia's largest banks and investment institutions include:
Hermitage Capital Management (famous for campaigning for improved corp. governance);
Показать всеlogue (Russia's largest and oldest investment bank);
Renaissance Capital (also a major research firm, oft quoted in the media);
Sberbank (Russia's largest savings bank - also handles most government transactions);
AlfaBank (one of Russia's leaders in brokering IPOs).
The Moscow Business Telephone Guide lists banks active in Moscow as well as representative offices of foreign banks.
Association of Russian Banks (ARB) is a non-governmental non-commercial organization that unites commercial banks and other credit organizations, as well as organizations involved in the functioning of finance-and-credit system of the Russian Federation.
The ARB Founding Congress took place in Moscow on March 27-28, 1991.
As of 21 March 2010 the Association of Russian Banks totals 723 members including 553 credit organizations that have 2964 branches.
The ARB represents the interests of both: the biggest banks (all of the top 30 banks are the ARB members) and medium and small banks (10% of the ARB member banks have the registered capital under 30 mln. roubles, 47% - from 30 to 300 mln. roubles). 55 banks with 100% foreign participation in the registered capital, 17 banks with foreign participation over 50% in the registered capital, 15 foreign banks’ representations and all of the Big Auditing Four are among the ARB members.
The ARB actively cooperates with 49 regional banking associations and unions as well as with banking communities of 19 Russian regions. A General Agreement on consolidating efforts for developing and strengthening the Russian banking system was signed on the ARB initiative at the First All-Russian Meeting of banking associations on October 7th, 2002. At present the number of its participants counts 68.
On April 5th, 2007 the XVII ARB Congress adopted a Program “The National Banking System of Russia 2010-2020”. The ARB succeeded in working out a medium-term and a long-term banking system development strategy jointly with member banks.
This was reflected in the decisions of the RF State Council Presidium meeting on November 14th, 2006, as well as in the Mandates of the RF President Vladimir Putin to the RF Government, the Bank of Russia with the participation of the ARB on increasing the banks’ role in implementing national projects and the socio-economic development of Russian regions. At present the ARB is preparing proposals on highlight measures for strengthening the banking system in close cooperation with the RF Government and the Bank of Russia. These measures include raising banks’ capitalization, enlarging resource base, protection of creditors’ rights and others.
The ARB carries out a large amount of law project work suggesting amendments to legislative acts and by-laws and promoting them in the State Duma, the RF Government, the Bank of Russia, other authorities; works on improving tax legislation.
The ARB provides consulting and information services to its members; every two weeks ARB members receive “ARB Vestnik” (ARB News) and every two months “Banks and Technology” magazine. 23 committees and 5 working groups operate on the main directions of banking activities within the Association with the participation of the ARB member banks.
A new line of activity has been recently set up within the ARB framework - “Inter-bank business cooperation” - to solve the problems of bilateral and multilateral relations between partner banks and non-bank organizations, servicing the banking business (“VEK” Legal Advice Bureau, Arbitration Court, National Credit Histories Bureau, “Amulet” Security Service, Credit Promotion Agency and others), and to deal with agency between Moscow and regional banks in promoting banking projects in the Russian regions.
Since 1997 the Association of Russian Banks has been an associated member of the European Banking Federation.
a. News and Information
Rynok Tsennykh Bumag is a Russian-language new source focused on Russian securities. They have archives and some articles online.
CBonds is a major new source for those issuing or investing in bonds from the CIS.
MSCI provides indices for equity markets around the globe, including in Russia.
b. Regulatory Agencies
National Securities Market Association is an industry self-regulatory structure, apparently most focused on banks and state structures which issue securities.
National Association of Securities Market Participants (NAUFOR) is a Russian self-regulatory organization that unites professional securities market participants: brokers, dealers, trust managers and depositories.
National Association of Securities Market Participants (NAUFOR) is a Russian self-regulatory organization that unites professional securities market participants: brokers, dealers, trust managers and depositaries.
Association unites about 400 companies. NAUFOR's offices are located in 14 major Russian cities.
NAUFOR's status as an SRO is based on the Federal Law "On Securities Market" and a permission issued by the Federal Financial Markets Service (FFMS). According to the Law self-regulatory organization is a voluntary association of the professional securities market participants that operates on principles of a non-profit organization.
NAUFOR, according to the requirements of professional activities and operations on the securities market imposed by FFMS, sets mandatory rules of conduct for its members, standards of securities transactions and controls its observation.
NAUFOR is an affiliated member of IOSCO and a member of IOSCO SRO Consultative Committee.
NAUFOR's mission is to improve securities regulation and promote fair and efficient market that benefit investors and intermediaries alike. With a mandate of its members, NAUFOR develops rules and standards for securities industry that support market confidence and integrity.
As a self-regulatory organization, NAUFOR is a key vehicle between federal regulation and industry that provides arbitration services for market participants as well as oversees their activities.
NAUFOR has outstanding 15-years experience of members' activities support, and professional growth of their staff. NAUFOR Membership allows not only to be aware of all financial market developments but also to participate in them directly.
The Professional Association of Registrars, Transfer Agents and Depositories (PARTAD) is a regulatory agency for registrars, depositories, and clearing organizations.
2. Analysis of financial information in Russia
When asked about the importance of certain types of financial information and the quality of that information, respondents stated that footnote disclosures are just as important as the balance sheet. Areas where there are large gaps between importance and quality are off-balance sheet assets and liabilities, extraordinary, unusual and non-recurring charges, and pensions and other retirement benefits.
Corporate balance sheets are seen as highly important, but need a boost in quality. Investment professionals note sizable gaps between the importance of even core financial statements and their quality. (Please see Table 1 below.)
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