OREANDA-NEWS. July 01, 2011. The first meeting of the Russian-British Group on Creating an International Financial Center (IFC) in Moscow was held at Vnesheconombank. The British delegation was headed by Lord Mayor of the City of London Michael Bear, the Russian delegation - by Head of the Working Group on Creating an IFC Alexander Voloshin. Management Board Member, Vnesheconombank First Deputy Chairman Nikolai Kosov acted as Vnesheconombank’s representative at the meeting.

The meeting’s participants – representatives of leading Russian, British and international institutions interested in creating and promoting an international financial center in Russia discussed issues of their cooperation in developing a competitive financial sector and a market for professional financial services in the Russian Federation as well as creating favorable conditions for foreign investors.

The two sides discussed in great detail such issues as arbitration justice, integration of business processes and trading sessions at two or more stock exchanges in various jurisdictions, derivatives markets, reform of the world financial system and city infrastructure development.

According to the Lord Mayor, the city is interested in developing Moscow as an international financial center. Moscow is already a center where leading financial companies are operating. Nevertheless, there’s a lot to be done, above all, in terms of ensuring certainty, predictability and transparency as well as developing infrastructure.

Alexander Voloshin stressed the importance of Britain’s experience in creating and promoting conditions for undertaking international financial activities in Moscow. According to him a new mechanism for bilateral cooperation would make a considerable contribution to promoting Moscow as an international financial center and would enhance Russian-British ties.

The meeting resulted in reaching an agreement on continuing cooperation on a regular basis on a number of matters within the working group.