Financial Crisis Exposes Weaknesses In Market Infrastructure

摘要

Steps to modernize market infrastructure, improve long-term liquidity, rebuild investor confidence and accelerate economic diversification away from commodities have been given added impetus in recent weeks, following Russia's worst trading collapse since the sovereign default in 1998. The global credit seizure, a five-day war with Georgia and falling commodity prices led foreign investors to pull $74 billion out of Russia since the start of August, according to BNP Paribas. Moscow's domestic bourses have been frequently shuttered over the past month due to erratic trading patterns and cumulative declines of more than 70 percent since market highs were posted in May this year.