20 September 2011, Tuesday, 14:51

Participants of the market stand for reduction of New Year holidays at Russian exchanges

author: Alfia Sharafutdinova

The Russian Ministry of finances is considering the possibility to cut the duration of the New Year holidays at Russian exchanges and the overwhelming majority of the participants of the financial markets vote for cutting the New Year days-off.

“It is clear that reduction of the New Year weekends in the Russian financial market would be quite positive” – the director of the Bashkir Exchange Internet Center Denis Kozlov said to “Bashinform” – “While our markets have a rest, the world financial market is going on working and in case of serious fluctuations our participants bear certain risks: so-called margin-calls, liquidity risks and the vacuum in the flow of means between markets. By the way, no other country has such prolonged holidays. The western sites have just one day-off during Christmas and one New Year day while the Russian market is switched off from the global financial system for rather long period of time and such situation is inadmissible”.

The bank community of the country stands on the same position. Thus, the Association of the regional Russian banks reports that representatives of the biggest Russian financial institutions proposed the Association to support this idea many times.

The traders agree with this position too.

“I’m by 100% for the number of the days-off should be cut down or at least reduced two times. Now it happens so that all foreign trade sites are working while we are standing idle. In this case we are facing rather wide gap since all economics of the world are closely tied together” – the trader Cyril Shiparev said to “Bashinform”.

It is quite possible that the Russian exchanges will start working in a new mode already beginning from the next year. This question will be put on the agenda of the next gathering of the Council for development of financial markets under the President of Russia, appointed on September.