OREANDA-NEWS. June 24, 2013. The B20 summit opened as part of the St. Petersburg International Economic Forum.

The members of the B20 taskforce Financial System — Restoring Confidence and Growth, chaired by VTB President and Chairman of the Management Board Andrey Kostin, met during the summit and discussed recommendations which had been published previously in the Green Book and finalised them for subsequent presentation to the leaders during the G20 summit, which will take place in Russia on 5–6 September 2013.

The recommendations to the G20 leaders drafted by the Financial Taskforce are grouped into three main areas: financial regulation improvement, financial inclusion and financial markets' infrastructure development.

With regard to the financial regulation, the participants called for an assessment of the potential results of the financial regulation reform — specifically, in light of the introduction of the Basel III capital and liquidity related rules — and for the correct balance of measures between the stability of the banking system and support of the economic growth, and underlined the importance of well-coordinated steps taken by regulators in the G20 countries.

The recommendations for improving access to financial services, mainly focused on supporting small businesses, are expected to promote economic growth and job creation.

With regard to the financial infrastructure, members of the taskforce recommended developing centralised collateral management of the financial market structure as an
effective tool for stabilising financial markets as it would improve transparency and information disclosure, particularly regarding the trade of derivative contracts for primary goods.

In its recommendations the taskforce also stressed that increased transparency and greater visibility in derivatives markets are the main priority of Russia’s G20 Presidency to create effective regulation for the provision of economic growth.