By Andrei Skvarsky
Investors are looking forward to a plan by the Russian government to lift its ban on exchange traded funds next year, according to Russian business daily Vedomosti.
The head of the Federal Financial Markets Service, Vladimir Milovidov, has confirmed to the newspaper that the regulator has drafted legislation to permit forming ETFs and trading in them. “We expect that not only index ETFs but also funds with other instruments will be traded in the Russian market,” he said.
There are Russia ETFs abroad, such as one launched in March this year by US investment giant State Street Global Advisors (SSgA), which pulled out of Russiain 2005.A senior director at State Street, Anthony Rochte, said the Boston-based company's Russia ETF would provide investors with "diversified, convenient access to a country poised for potential growth as the global economy recovers”.
IShares, the EFT juggernaut, is also launching its own Russian ETF iShares MSCI Russia ETF soon, according to a regulatory filing.
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