Head of the working group for the creation of the MFC Alexander Voloshin received a "map" / S. Porter / Vedomosti

The government has approved a "road map" for the creation of an international financial center (IFC) and improvement of the investment climate. By 2018, Russia's credit rating should rise from BBB to A- (on the S&P and Fitch scale), in the Doing Business rating for "credit availability" the country should rise from 98th place to above 20th place, in the rating of international financial centers - from 35th to above 15th place.

The previous plan was approved in 2009, almost all activities have been completed. It was created mainly by bureaucratic methods, without discussion with market participants; there was an understanding that the new "map" should be done differently, explained then the head of the working group on the construction of the MFC in Moscow, Alexander Voloshin.

In the new "map" all activities are divided into seven blocks. The four largest ones concern the improvement of regulation and corporate governance, development of infrastructure, and increased availability of financial instruments and resources. A mega-regulator should be created, prudential supervision should be introduced, and control over non-state pension funds should be tightened. A T+N settlement mechanism (within two days after the transaction) should be introduced for exchange trades, and privatization should be carried out exclusively in Russia. Investors are promised simplified access to corporate information and regulation of affiliation issues. To expand the range of financial instruments, the "map" promises to develop exchange-traded mutual funds and introduce deposits with a fixed return period. Some tasks are not related to financial markets: promoting the Russian brand in the world, developing the urban environment.

At the second stage of the MFC creation, there are two main goals, says a member of the working group: when creating a mega-regulator, it is necessary to avoid failures in market regulation and to form sources of long-term money for the economy. According to the plan, in order to create long-term money, the list of instruments in which pension savings can be invested will be expanded; officials are also counting on the money of citizens, who have been promised incentives for investment.

Overall, the "road map" is meaningful and relevant, says NAUFOR Chairman Alexey Timofeev, but there are doubts that it will be implemented: "We have never been able to plan, all previous projects have failed." However, some measures are already being implemented: for example, the Ministry of Finance has prepared a draft of amendments to the Tax Code introducing benefits for private investment in shares (see inset on www.vedomosti.ru). But from the "map" it follows that these amendments will not come into effect anytime soon, says Timofeev - only from 2014, and not in 2013.

In order to create an IFC in Moscow, Russian public companies should not be a black box for investors, advises Vladimir Tsuprov, Investment Director of the investment fund TKB BNP Paribas Investment Partners – this alone will be enough. The “road map” contains many measures to stimulate demand, but the problem is not the lack of demand, but of investment ideas, explains Tsuprov: “There are many state-owned companies on the public market whose management is not focused on increasing capitalization and is not accountable to anyone.” The creation of an IFC is not limited to improving infrastructure and stimulating domestic demand, agrees Timofeev.

"State-owned companies are not exactly our task, although it is a related one," counters a member of the working group on the creation of the MFC: state-owned JSCs will be affected by the improvement of corporate regulation. The main risk of implementing the project is a slowdown in economic growth, he believes. So far, the Russian market is not very attractive to investors (see also the article on page 05): according to EPFR Global, $1.8 billion has flowed out of Russia since the beginning of the year, with the total inflow into emerging market funds amounting to $8.9 billion.

Medvedev's financial plan