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SUMMER 2013 SPECIAL EDITION MOMENTUM S E C U R I T I E S S E R V I C E S N E W S F R O M S G S S ADAPT, DEVELOP, GROW Mikhail Bratanov, Regiona...

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SUMMER 2013

SPECIAL EDITION

MOMENTUM S E C U R I T I E S

S E R V I C E S

N E W S

F R O M

S G S S

ADAPT, DEVELOP, GROW Mikhail Bratanov, Regional Head in Russia and CIS, Societe Generale Securities Services

n As the developed world struggles to adapt to the harshest economic conditions known since the Great Depression, the attractions of Russia as an investment destination continue to grow. The country has enjoyed a prominent position in the global asset allocation landscape since the creation of the BRIC concept by Jim O'Neill of Goldman Sachs. The fundamentals take its development further. This is borne out by the conclusions of an International Monetary Fund mission to Russia in January of this year. In 2012, notes the IMF in its report, the Russian economy

experienced historically low unemployment with high capacity utilisation. Though growth did slow to 3.6 percent from 4.3 percent in 2011, it is projected at 3.7 percent in 2013. n The macroeconomic policy framework is moving in the right direction, notes the IMF. Likewise the financial market infrastructure as Russia strives to meet its target of being a leading global financial market by 2020. The major milestones achieved so far form the heart of this issue's Insight feature on page three. Since their establishment in the mid1990s, Russia's major exchanges MICEX and RTS - consistently expanded to include a full range of financial instruments ranging from cash equities to commodity futures and finally merged to form the Moscow Exchange in 2012. More

recent developments include the creation of the country's Central Securities Depository and the planned integration of the Federal Financial Markets Service (FFMS) into the Central Bank. This latter move concentrates regulatory and supervisory functions relating to financial institutions into a single mega-regulator.

n

SMARTERSERVICES One-Stop Russia Shop

n

SNAPSHOT Top Ratings in Russia

n

MAKEMONEY Access Russia Via GFT

n SGSS is very active in these reforms as a member of the main think-tanks for the Moscow Exchange, the Moscow International Financial Centre Project Group, the Central Securities Depository, the FFMS Expert Council, and various market committees and Self-Regulating Organisations (SRO). SGSS can assure investors looking to purchase Russian-issued securities that they will find secure, competitive solutions, accompanied by local and global expertise.

n

INSIGHT Russia's Infrastructure advances

n

MARKETWATCH Moscow Exchange: T+2

n

AFTERHOURS A Charity Pioneer

n

GLOBALVILLAGE Strength Through Diversity

SMARTERSERVICES

ONE-STOP RUSSIA SHOP

2

minutes

Building on the extensive securities expertise at Rosbank, acquired in 2008, SGSS in Russia provides award-winning custody and related services. SGSS offers a “one-stop” securities services shop in Russia servicing all types of Russian financial instruments for both local and international investors. The broad range of services includes securities safekeeping, clearing and settlement, corporate actions and securities income processing, tax relief and tax reclaim services, multi-currency DVP settlements for all classes of Russian securities. Clients also benefit from DMA access to the Moscow Exchange, investment banking services, FX, ruble clearing and cash management. SGSS in Russia, as part of an international bank, is the only provider with a comprehensive Transfer Agent, Custody & Trustee service offering which caters for Russian-domiciled investment funds for asset managers. This unique service enables the integration of Russian funds in structured products and offers international fund

managers full support with local expertise when launching funds in Russia. The Bank also provides safekeeping services of mortgage certificates for participants of the mortgage refinancing market and trustee services for issuers of mortgage-backed securities. “In the current Russian changing market infrastructure landscape, our institutional clients particularly appreciate our ability to enable them to take advantage of regulatory changes such as the Foreign nominee concept and our capacity to accompany them throughout market evolutions such as the transfer of assets from the DCC to the NSD by end of 2012 without any impact on their day-to-day businesses,” says JeanLouis Bernardo, Deputy Head, SGSS in Russia.

KEYFACTS n A “one-stop” securities services shop in Russia n All types of Russian financial instruments serviced n Includes DMA access to the Moscow Exchange, investments banking services, RX, ruble clearing and cash management n Full support with local expertise for international managers when launching funds n The only provider, as part of an international bank, with a comprehensive Transfer Agent, Custody & Trustee service offering for Russian-domiciled investment funds

For more information: [email protected] [email protected]

KEYFIGURES SGSS GLOBALLY

SGSS IN RUSSIA

n Presence in 29 countries n Among the top ten global custodians and the 2nd largest in Europe n €3,493 billion euros* in assets under custody n Custody and trustee services for 3,449* funds and valuation of 3,944* funds n €479 billion euros* assets under administration

n 14.2 billion euros* in custody n Custody and trustee for 110 funds * n 31,500 transactions settled during Q1 2013

MAKEMONEY

1’3 minutes

ACCESS RUSSIA VIA GFT

Institutional investors seeking to gain exposure to Russian mutual funds without setting up and operating a full direct relationship with a Russian provider, can now take advantage of the integrated service built by SGSS in Luxembourg and Russia. SGSS in Luxembourg, a Global Fund Trading platform (GFT) operator, has included Russian mutual and hedge funds on its platform. GFT has operated successfully since 1993 and now covers more than 21,000 funds from all over the world. GFT allows its clients, mainly

Gain exposure to Russian mutual funds without setting up and operating a full direct relationship with a Russian provider fund of funds, asset managers, insurance companies, investment banks and family offices, to gain access to any fund. It offers a wide range of services, including subscription/redemption, settlement and custody of assets, price chasing and portfolio valuation, and the processing of corporate actions. All these services are now available for Russian investment funds of all types and strategies, including real estate and private equity closed-ended funds. In addition to custody services, SGSS in Russia runs Transfer Agency and Trustee business for local asset managers and currently serves over 110 funds.

*Figures at end March 2013

Operations for all these funds are processed in-house. For other funds, SGSS acts on behalf of GFT with external local Transfer Agents and Trustees. For more information: sg-globalfundtrading.com, [email protected], [email protected]

KEYFACTS n An integrated Global Fund Trading platform which includes Russian mutual and hedge funds n GFT has been in operation since 1993 and covers more than 21,000 funds globally n In Russia, a wide range of services available for Russian investment funds of all types and strategies SNAPSHOT

TOP RATINGS IN RUSSIA

30’’

Recent awards made by leading international magazines confirm SGSS’ strong position in the local Russian securities market and client confidence and satisfaction with its services. Global Custodian’s Agent Banks in Emerging Markets 2012 Survey named SGSS a TopRated custodian in Russia for the third year in a row. Euromoney's Global Investor/ISF 2013 survey named it a Number One SubCustodian in Russia, for the third year in a row.

INSIGHT

4’3 minutes

RUSSIA'S INFRASTR

Russia's drive to establish itself as an International Financial Centre is gathering momentum. In this special issue, Insight on the progress to date is delivered by Eddie Astanin, chairman of the National Settlement Depository's Executive Board, and Sergey Shvetsov, Deputy Chairman, Bank of Russia, and Chairman of the Supervisory Board of the recently unified Moscow Exchange

Eddie Astanin, Chairman of the Executive Board, National Settlement Depository

Would you please tell us in a few words about the key elements of Russia's securities market infrastructure following recent changes? Recent years have seen substantial developments in Russia's financial market infrastructure. The merger of the two major exchanges, RTS and MICEX, to form the Moscow Exchange Group, paved the way for subsequent integration of the post-trade infrastructure. Under the new Moscow Exchange brand we have integrated the National Settlement Depository (NSD), the Depository Clearing Company and the RTS Settlement Chamber, creating a de facto CSD, and the adoption of the CSD Law ensuring a legislative framework for future changes. In November 2012, the Federal Financial Markets Service of Russia (FFMS) awarded NSD status to the CSD, launching a new era in the Russian financial market's history. The new CSD - the result of 15 years of debate in Russia - is the core of the infrastructure and the new model gives multiple advantages. The CSD is a recognised and optimal form of investor access to financial markets. The most important thing is that it protects investors’ ownership rights. What are the main achievements to date? And what remains to be done? The NSD started to provide full-scale CSD services when it was granted NSD status rather than go through the 12-month transition period prescribed by the law. One of the key objectives was to arrange massive transfers of assets from registrars to the CSD in March 2013 and open or, to put it more precisely, to re-qualify CSD nominee accounts, with registars. As a result, in 1Q 2013, the value of assets on deposit with NSD increased from RUB12 trillion to

Recent years have seen substantial developments in Russia’s financial market infrastructure. RUB17.3 trillion; the value of shares on deposit doubled compared to the value kept by the NSD and DCC combined as of the end of 2012. The first foreign nominee accounts were opened for the ICSDs: Euroclear Bank and Clearstream Banking. Euroclear Bank and Clearstream Banking have begun providing settlement services for trading in Russian OFZs, one of the most actively traded classes of Russian government bonds. We expect on-exchange transactions to follow. At the Exchange Forum 2013 held in Moscow early in April, the NSD signed CSD foreign nominee account agreements with Belarus Central Securities Depository, the Central Securities Depository of Kazakhstan, and the National Depository of Ukraine. These direct links with NSD will potentially allow issuers from CIS countries to place their securities on the Russian exchange, while CIS investors will be able to conduct operations on our market, provided that the assets are kept in the Belarus Central Securities Depository, the Central Securities Depository of Kazakhstan and the National Depository of Ukraine respectively. Similarly, NSD accounts opened with the above depositories give Russian investors the opportunity to effect transactions on the stock markets of Belarus, Kazakhstan and Ukraine, while keeping their CIS assets in Russia's NSD. The creation of a trade repository is another strategic NSD project; the initial phase began

which lasts until October 31 this year, the NSD will not charge commission for repository services; this allows all participants to test the new technologies, solve operating and organisational issues, adapt their software and become comfortable with the repository at no additional expense. We plan to include other new services, including an expanded range of financial instruments, the receipt of information about transactions in different formats, and operational interactions with international trade repositories. Finally, on April 15, NSD launched a new service related to the Bank of Russia’s OTC tri-party repo transactions with a basket of

securities and collateral management, clearing and settlements. The new technology will allow the optimisation of collateral selection for repo transactions, the replacement of securities and the automatic replacement of collateral prior to corporate actions, and to hold margining on the pool of all transactions. This will improve market liquidity and reduce the cost of carrying out repo transactions with the Bank of Russia. Collateral management, trade repository and DVP for OTC trades are

Collateral management, trade repository and DVP for OTC trades are our highest priority development projects for implementation in the near future. on February 6 when the NSD began keeping a register of repo and OTC currency swap agreements. During a promotion period

our highest priority development projects for implementation in the near future.

INSIGHT

UCTURE ADVANCES Will the NSD achieve recognition from international investors? The CSD law was designed to meet the requirements of international investors. It sets out clear rules ensuring undoubted protection of assets and settlement finality. Full compliance with both SWIFT messages and the requirements of Rule 17(f)-7 of the Investment Company Act of 1940 is especially important to US fund managers and pension funds that can bring liquidity to Moscow. We are confident that our reconfigured system complies absolutely with the definition “eligible”. To confirm our confidence with recognisable independent opinion, we hired legal experts from Morgan Lewis and K&L Gates, well known and respected US legal firms which provide services to the leading US investment companies. Their expert opinion confirms that the Russian CSD law indeed meets all requirements. Perhaps more

importantly as a sign of global recognition, we have received positive feedback from custodian and investment banks, CSDs and the ICSDs that Russia's securities market infrastructure now matches international legal and business standards.

KEYFACTS n The merger of the two major exchanges (MICEX & RTS) to form the Moscow Exchange Group paved the way for subsequent integration of the post-trade infrastructure. n The National Settlement Depository (NSD), the Depository Clearing Company and the RTS Settlement Chamber, were integrated to create a de facto CSD and adopted the CSD Law. n FFMS in Russia was awarded NSD status in November 2012 and the NSD began to provide full-scale CSD services n In Q1 2013, the value of assets on deposit with NSD increased from RUB12 trillion to RUB17.3 trillion n In April 2013, the NSD signed CSD foreign nominee account agreements with CIS countries n The creation of a trade repository is another strategic NSD project n A new service was launched in April related to the Bank of Russia’s OTC tri-party repo transactions with a basket of securities and collateral management, clearing and settlements. n Expert opinion confirms that the Russian CSD law indeed meets international investor requirements.

2’3 minutes

Sergey Shvetsov, Deputy Chairman, Bank of Russia, and Chairman of the Supervisory Board of the Moscow Exchange summarises the key developments in Russia's financial markets. Improving the competitiveness of the Russian financial market and creating favourable conditions for the functioning of the planned international financial centre are major challenges facing the State. The priority in addressing these challenges is to attract domestic investors to the Russian financial market. For these purposes, it can be expected that we will continue to improve the regulation of collective investments and pension funds. Special attention will also be given to improving corporate governance and investor protection. In addition, in the near future work will begin on the development of arbitration of justice in the financial market and a financial services industry Ombudsman. Another important aspect of improving the efficiency and competitiveness of the Russian financial market is the development of its infrastructure. In this respect, as discussed elsewhere in this special edition of Momentum, we expect to continue work on the implementation of international standards in the financial market infrastructure. In addition, with regard to the Russian on-

exchange infrastructure it is necessary to complete all the activities for the transition to trading mode with partial pre-funding and T+2 settlement. The creation of a “megaregulator” is a key part of the overall planning. On January 25, 2013, Russian President Vladimir Putin took the decision to set up a single regulator for financial markets on the basis of the Bank of

regulatory authority in this way is to develop a comprehensive approach to the analysis of financial stability, the creation of effective consolidated supervision of financial groups, improving the competitiveness of the domestic financial market. This will be achieved by reducing regulatory costs (by eliminating duplication and heterogeneity licensing, supervisory and other

The creation of a “megaregulator” is a key part of the overall planning. Russia. The initial stage will be completed in the third quarter of this year when the respective legislative changes come into effect and the FFMS of Russia will join the Bank of Russia as a segregated structural department. Its integration into the Bank's structure is expected to be completed by January 2015. The fundamental objective of creating a single

requirements, for example, for organisations, at the same time performing the functions of credit institutions and professional participants in the securities market) and eliminating regulatory arbitrage, accelerating the procedure for the adoption of regulations by reducing inter-departmental co-ordination.

KEYFACTS n Key developments in Russia aim at attracting domestic investors to the Russian financial market based on improved competitiveness and favourable conditions n Special attention will be given to improving corporate governance and investor protection n In January 2013, Russian President Vladimir Putin decided to set up a single regulator n The FFMS of Russia will join the Bank of Russia in the Q3 2013 as a segregated structural department n The “megaregulator” ’s objective is to develop a comprehensive approach to analysing financial stability, supervising financial groups and improving domestic financial market competitiveness.

MARKETWATCH

1

minute

MOSCOW EXCHANGE: T+2 Alexander Afanasiev, Chairman and Chief Executive Officer, Moscow Exchange

A key strategic priority for the Moscow Exchange is to ensure that price discovery for Russian assets takes place in Moscow. Specific efforts to attract more international and domestic investors include upgrading the market infrastructure, and bringing it in line with international best practices. “In February, we began the transition to T+2 settlement, one of many initiatives designed to make trading in Moscow easier and bring it in line with investor expectations,” says Alexander Afanasiev, Chief Executive Officer of the Moscow Exchange. “Although the system of pre-funding for trades played an important role as the Russian securities market was just getting off the ground, trading in Russia is now integrated into the global financial system and market participants expect the latest in settlement and risk management tools. The globally recognised T+ settlement model lowers costs for market participants, increases the efficiency of deployed capital and should lead to higher trading volumes.

The transition to T+2 settlement is one of the many initiatives designed to make trading in Moscow easier and bring it in line with investor expectations. This system is already in place on our foreign exchange market; now it is time for it to be implemented on the equities market.” Another important priority for the Moscow Exchange is to lobby for the necessary legislative and regulatory reforms that will open up new pools of domestic capital for investment in the equity markets. Russia has the savings to support a deep local investor base. Total pension system assets today stand at $90bn, of which only 2.2% is in equities. Individuals also have significant personal savings, but savings tend to be kept in bank deposits, real estate or even cash. Enormous potential exists for growth in the local securities industry through the rebalancing of asset allocations.

KEYFACTS n Ensuring that price discovery for Russian assets takes place in Moscow is a key strategic priority. n Transition to T+2 settlement began in February 2013. n The system is already in place on the foreign exchange market. n Implementation on the equities market will follow. n Potential exists for growth in the local securities industry through the rebalancing of asset allocations.

AFTERHOURS

A CHARITY PIONEER Sustainable business development is related to an improvement in the social climate and level of education, support of culture, and a responsible attitude towards the environment. In line with this conviction, Rosbank, part of the Societe Generale group, was one of the first members of big business in Russia to launch its own charity programmes. It has formed long-term partnerships with institutions of culture and art, and supported projects to improve the environmental situation in Russia. The main programmes and projects aim to assist needy children and handicapped individuals. In the Social Meters project children from regional orphanages learn to make simple souvenirs such as cards, fragrant soaps, candles, soft toys, and decoupage picture frames. These are sold at various events, such as a charity fair hosted by the Securities

1

minute

Services division on March 5-6 to celebrate International Women's Day. The children received a financial credit linked to the time and effort involved in the making of the gifts, which they can spend as they please. On March 31, employees and their families then gathered at the Gagarinskiy shopping centre to help children from the Vyshegorodskiy orphanage navigate their way safely round the huge mall. The children needed help with the most basic shopping procedures; many, for example, do not even understand the meaning of the word 'price'. A productive morning's shopping was followed by lunch, after which the children were driven home by ALD Automotive, also a partner in the project. For more information: Ekaterina Pluzhnik, Head of CSR, Rosbank, [email protected]

GLOBALVILLAGE

STRENGTH THROUGH DIVERSITY

SGSS in Russia is much more than an inbound agency custody business, and this has an impact on the structure of its client interface, delivering global knowledge out of London and Paris as well as Russian expertise. As a diversified securities services provider for a wide range of clients including domestic asset managers and corporates, SGSS in Russia has a well established Sales & Relationship Management Team on the ground locally. The structure enables clients to benefit from full support for all their existing requirements and the development of new products and

1

minute

solutions to meet developing needs. The team issues a popular newsletter covering major and minor changes in the market and within SGSS. International clients seeking to build an understanding of the Russian market find this particularly helpful. The team is also involved in defining innovative asset servicing solutions for M&A and corporate deals such as introducing tailor-made escrow agency / DVP  mechanisms. For Russian-speaking clients we have a local dedicated website: www.custody.ru. This provides full information about our organisation and services and local custody standard procedures, and enables clients to maintain awareness of changes in our services and market infrastructure as well as to monitor current Corporate Action events news. For more information: Anatoly Matukhin, Deputy Head, SGSS Russia, [email protected]

SECURITIES SERVICES

MORE THAN A PARTNERSHIP:

A GENUINE TEAM

WE BUILD LONG-LASTING, COLLABORATIVE RELATIONSHIPS WITH OUR CLIENTS TO HELP THEM GO FURTHER IN THEIR DEVELOPMENT. IN TODAY’S CONSTANTLY EVOLVING AND COMPLEX WORLD, WE STRIVE TO PROVIDE OUR CLIENTS WITH INCREASINGLY EFFICIENT AND RELIABLE SECURITIES SERVICES ON A DAILY BASIS TO ENSURE THEY GET AHEAD.

SG-SECURITIES-SERVICES.COM

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Societe Generale Securities Services is a marketing name for the securities services businesses of Societe Generale and its affiliates worldwide. Societe Generale is regulated and authorised by the French Autorité de Contrôle Prudentiel and Autorité des Marchés Financiers.This material has been prepared solely for information purposes and does not constitute an offer to enter into a contract. Not all products and services offered by Societe Generale are available in all jurisdictions. Please contact your local office for any further information. 2013 Societe Generale Group and its affiliates. © GettyImages - FRED & FARID

SUMMER 2013

SPECIAL EDITION

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SMARTERSERVICES One-Stop Russia Shop

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INSIGHT Russia's Infrastructure advances

SNAPSHOT Top Ratings in Russia

MAKEMONEY Access Russia Via GFT

MARKETWATCH Moscow Exchange: T+2

AFTERHOURS A Charity Pioneer

GLOBALVILLAGE Strength Through Diversity

Momentum is published on PEFC certified paper with vegetable-based ink by the SGSS Communications Department and Global Strategic Marketing Team. ISSN 1961-7224. Editorial director: Valérie Siniamin-Finn, Global Head of Communications, (+33 1 56 37 37 40, [email protected]) and Giovanna Pensalfine, Global Head of Strategic Marketing, (+39 02 9178 4280, [email protected]). Credits: Corbis (Cover), Moscow Exchange Group (pages 3,4,5), SGSS (COVER, 2, 5, 6).

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