Financial Markets: Increasing Complexity, Maintaining Stability

3–5 July 2019, ST. PETERSBURG

    The programme of the day preceding the main programme of the International Financial Congress was very intense. 

    The business programme opened with the conference ‘Relevant Issues of Microfinancing’ organized by the National Microfinance Market Participants Partnership (NAUMIR). The participants discussed issues concerning how microfinance institutions build relations with other representatives of the financial market such as insurance companies and banks, and discussed effective means of interaction.

    The roundtable NAUFOR ‘Relevant Issues Concerning the Regulation of the Asset Management Market’ took place. The roundtable participants discussed the current state of the asset management market, the main areas of regulation of management companies as well as the existing innovations in regulation. The event was attended by representatives of NAUFOR as well as Director of the Russian Central Bank’s Collective Investment and Trust Management Department Philipp Gabunia.

    The topic of asset management was continued at the roundtable ‘Relevant Issues Concerning the Regulation of Private Pension Fund Activities’, which was prepared by the National Association of Private Pension Funds. The agenda included various aspects of the regulation of private pension fund activities. The discussions focused in particular on the readiness of private pension funds to carry out stress testing.

    The Zero Day programme concluded with the roundtable ‘Long Money in the Development of Russia’s Infrastructure: Demands of the Economy and Capabilities of the Financial Market’, which was held by the Concessionaires and Long-Term Infrastructure Investors National Association (NACDI) jointly with the National Financial Association (SRO NFA).

    “The banking system has successfully emerged from the crisis and the rehabilitation period that followed, not least thanks to help from the financial authorities and the Bank of Russia. Today, we, as lawmakers, focus above all on legislating solutions enabling the banking system and the broader financial market to bolster the nascent economic growth with loans and investments. This primarily involves establishing a multi-tier banking system, supporting a competitive environment, realizing the investment potential of the public’s savings and, of course, improving access to financial services by developing a national payment system and implementing the most advanced financial technology”, said one of the key speakers, State Duma Committee on Financial Market Chairman Anatoly Aksakov.

    The discussion participants discussed the formation of a market in Russia for long-term investment in infrastructure, the development of non-bank financing tools, including concession bonds, and promising mechanisms, including based on concessions. During the roundtable, the participants were introduced to the Expert Council on Long-Term Investments at the Bank of Russia and its work plan for the near future.