Dmitry Dudkin, Head of Fixed Income Research at URALSIB Capital spoke at the 2010 MICEX Financial Forum

On April 7-8, the 2010 MICEX Financial Forum was held in Moscow. The forum's participants focused on possible ways to develop the Russian financial market and its exchange infrastructure.

Dmitry Dudkin spoke at the forum's session devoted to debt market perspectives in the post-crisis financial environment.

In his opinion, the Russian ruble market is going to become the main floor for government placements, as well as corporate bonds during the forthcoming years. In 2009, the domestic debt market already exceeded the Eurobond market.

Speaking of the idea of forming a financial center in Russia, Dmitry Dudkin stressed that now the Russian national debt structure conforms to that of developing countries when internal debt prevails. In 2010, the Russian financial authorities will concentrate on raising external funds, and in 2011 – on raising internal capital. In Dudkin’s opinion, the most relevant feature of developed economies is their tendency to borrow on their own currencies. To have such an opportunity and to ensure the reserve currency status of the Russian ruble, we need low inflation, a more diversified economy, a stable exchange rate, and a developed internal debt market.

The MICEX Financial Forum was held this year for the second time. Vladimir Milovidov, the head of FFMS, Konstantin Korischenko, the president of MICEX, Vyacheslav Reznik, the head of the State Duma committee for credit organizations and financial markets, Sergey Shvetsov, director of the department for financial market transactions of the Bank of Russia, A. Timofeev, the chairman of directorate of NASMP. Panel discussions took place during the Forum on the most relevant matters of stock, currency, term, and commodity markets of the MICEX Group.

The participants’ materials and presentations are available on the forum’s web site: http://forum2010.micex.ru/presentations

8 April, 2010