Confidence of investors in Russia's stock market grows

"Russia is gradually increasing the level of confidence of investors in its stock market," Russian Federal Securities Commission Chairman Igor Kostikov declared. He voiced this opinion during a visit to South Korea last week, where he took part in the 28th annual conference of the IOSCO, which is the international organization of commissions for the securities market, the press service of the Federal Securities Market Commission reported.

"The capitalization of the stock market exceeded $200bn at the beginning of October 2003, which is 2.5 times higher than the corresponding figure for the beginning of 2002. This is the maximal capitalization in the history of the Russian stock market, and I am sure that this is not the limit," Kostikov pointed out. He added that an increase in the rating of Moody's for Russia to the investment level would facilitate the attraction of even conservative investors to Russia, and it showed confidence in the economy and the government of the country.

Kostikov underlined that efforts by the Federal Securities Commission of Russia had had their effect on the situation on the stock market. The attractiveness of the securities market is growing in response to an increase in transparency, the observation of legal rights and interests of investors, and the market stability and business activity are growing too.

During the visit to South Korea, the chairman of Russia's Federal Securities Commission met with the management of the Korean Stock Exchange and discussed questions of mutual interest, such as listing standards and the responsibility of exchanges for the completeness and accuracy of information to be disclosed by issuers.