A socially oriented non-financial development institution and a major organizer of international conventions, congress, exhibitions, business, social and sporting, public, and cultural events.

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of international conventions; exhibitions; and business, public, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, and helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5000 people working in Russia and abroad. In addition, it works in close cooperation with 155 economic partners; industrialists’ and entrepreneurs’ unions; and financial, trade, and business associations from 75 countries worldwide.

The Roscongress Foundation has Telegram channels in Russian (t.me/Roscongress), English (t.me/RoscongressDirect), and Spanish (t.me/RoscongressEsp). Official website and Information and Analytical System of the Roscongress Foundation: roscongress.org.

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Sergey  Shvetsov

Sergey Shvetsov

First Deputy Governor, Bank of Russia
Quotes
04.06.2021
SPIEF 2021
Super-Apps Versus Super-Services
I think there are three main pillars that determine demand for a product: quality, time spent on purchasing it, and its price. Each brand actually is a reflection of this proportion. Ultimately, I agree with [Yandex Group Managing Director Tigran Khudaverdyan] that everyone is competing for a person’s time and wallet. The very emergence of super-apps is a diversification of your own business [...] At any rate, you will get your share of the wallet
04.06.2021
SPIEF 2021
Super-Apps Versus Super-Services
Any company wants to become a monopoly. You can’t punish a company for this somehow because this is a natural desire of business – to take the whole wallet and all a person’s time. But the state, and that’s its role, establishes such rules of the game that no one can succeed in doing [this]. And the state determines what is abuse and domination. The state determines whether it’s possible or impossible to combine a particular activity within a group of persons or a single person [...] Now, as we enter the business models of ecosystems, we are feeling around for these approaches [...] These are the rules of the game that the state should set
04.06.2021
SPIEF 2021
Super-Apps Versus Super-Services
We are worried about two things. The first one is venture for banks that are not at all going into banking history. If it’s a venture, it’s not entirely clear whether it’s right in terms of risk to allow investors to implement venture projects with money. And, of course, it would be much more comfortable for us if this was done with the money of these banks’ shareholders, but today the reserves are built in such a way that there is no deduction from the capital. Sure, capital is somewhat being located for ventures, but this is not 100%
04.06.2021
SPIEF 2021
Super-Apps Versus Super-Services
I believe there is hi-end and there is hi-fi. And it’s impossible to sell hi-end through a super-app, so this niche will always be there […] There will always be certain things that remain outside the ecosystem, and this is great, in fact, because an ecosystem, especially an open one, has a major problem: how do you guarantee the level of quality? And this is despite the fact that most of the suppliers in the super-app are not controlled by the super-app owner
03.06.2021
SPIEF 2021
House Rules or Regulation: What Does the Future Hold for Ecosystems?
I think the market is developing by itself efficiently through competition. So, if we stimulate and create a competitive environment, everything else is the role of the market, not the regulator [...] If the state doesn’t provide a fair competitive environment, then distortions begin to accumulate. [In this case], the market power of individual major players can suppress economic development and the innovative development of consumers and suppliers [...] Our consultative report [...] asks the following questions: ‘How does the network effect accumulate?’, ‘Is it dumping or not?’, ‘While [the network effect] is accumulating, prices are low, but as it has accumulated, prices have risen. What’s this all about? Is it good faith or not?’ On the other hand, we understand that ecosystems without a network effect do not exist in principle [...] Do we like ecosystems? Of course, we do, insofar as consumers like them. This is a business model that does more than just exist. It is proving its appeal. Is this the last business model in which development will stop? Of course not
03.06.2021
SPIEF 2021
Risks and Opportunities in a New Era for Stock Markets
The stock market positively allows investors to make more than with bank deposits if they are willing to invest long-term. So, we have to prove that this is the case on a horizon of 5 to 10 years. Brokers should promote this idea and offer working strategies for passive investment
03.06.2021
SPIEF 2021
Risks and Opportunities in a New Era for Stock Markets
Individual investors need simple strategies at first, because if we give them complex strategies or offer them to make choices for themselves, statistically they are going to fail as non-professionals. Therefore, cheap index tracking is probably what should be widespread. Although, perhaps, this is not as immediately profitable for brokers as active trading
03.06.2021
SPIEF 2021
Risks and Opportunities in a New Era for Stock Markets
Restrictions need to be lifted. Together with the Government, we have plans to reconsider how we treat the voting rights of investors who hold different classes of stock. I am talking about limitations on preferred stock, dual-class shares – lots of things. We consistently advocate that a common share should be standardized, but preferred shares should be open for creative approach. Preferred stock may carry regular voting rights, or more voting rights, or no voting rights at all. The only thing that we think is important is that the dividend on preferred stock cannot be less than on common stock. <...> We have created a special working group on long-term financing, where IPOs are a priority. We should have this regulation released soon enough. I hope this will increase the Russian companies’ desire to go public on the Moscow Exchange, and perhaps only on the Moscow Exchange
03.06.2021
SPIEF 2021
Risks and Opportunities in a New Era for Stock Markets
The conflict between the industry and the regulator lies in time frames. The industry needs to make money here and now; we believe that the relationship with customers should be long-term
03.06.2021
SPIEF 2021
Risks and Opportunities in a New Era for Stock Markets
If we discourage our individual investors, we will see apathy of some sort
03.06.2021
SPIEF 2021
Risks and Opportunities in a New Era for Stock Markets
We introduced this 25% limit [on depositary receipts, – Ed.] many years ago. It was introduced for protection from the outflow of trading activity from the Russian market to foreign markets. <...> I think that the situation currently is that the limit rather constrains the inflow of trading activity into Russia, rather than prevents the outflow of trading activity from Russia
03.06.2021
SPIEF 2021
Risks and Opportunities in a New Era for Stock Markets
Finally, the thing that everyone sees is the regulator’s tolerance towards dual listings, when Russian companies are listed at the Moscow Exchange in one way or another, and at NASDAQ, or LSE. Sadly, they get listed as foreign companies. There are certain reasons for that: the Russian jurisdiction is not exactly convenient in terms of establishing corporate relations between shareholders, and there is a 25% limit on depositary receipts. Also, there is a misconception, fueled by investment banks, that NASDAQ provides something on top of what the Moscow Exchange does
03.06.2021
SPIEF 2021
Risks and Opportunities in a New Era for Stock Markets
Individual investors do not understand that if they trade on margin, they could run into debt. This would be a gigantic disappointment for them
03.06.2021
SPIEF 2021
Risks and Opportunities in a New Era for Stock Markets
The industry should not just make money off them [individual investors, – Ed.], it should be useful to the clients, so that they could make money. Because if a client makes money, there is going to be network effect, – or word of mouth, or whatever you call it – it will engage individual investors
03.06.2021
SPIEF 2021
IFC + ESG: Rethinking the Mission of Financial Centers
We share a common atmosphere and climate ... it creates a tangible need, I hope common sense wins out here
03.06.2021
SPIEF 2021
IFC + ESG: Rethinking the Mission of Financial Centers
The key point is the reaction of the population ... the demand of the population. We live in an information society. If this flow that pushes the population towards green values prevails, it will become part of the culture for millennials and generation Z — then business will simply be forced to adjust to this, there is no other way
06.06.2019
SPIEF 2019
Retail Investors as Stock Market Drivers
We are now implementing two very important initiatives that, based on the situation with the financial literacy, protect people who have small savings and small experience of being present on the stock market from imposed complex financial instruments. Now the so-called “Law on qualified and unqualified investors” is being discussed in the State Duma <…> We are creating a system of investor protection <…> Standards of self-regulation are being adopted
06.06.2019
SPIEF 2019
Retail Investors as Stock Market Drivers
Today our collective investment market is expensive. Commissions for Russian so-called exchange-traded funds are higher than for ETFs; trust management costs much more than in other countries; there is lack of competition and trust to these institutions
06.06.2019
SPIEF 2019
Retail Investors as Stock Market Drivers
Our investment traditions are very short, because before 1991 Russia had no stock market <…> Our citizens are not really able to tell good from bad on the financial market
06.06.2019
SPIEF 2019
Retail Investors as Stock Market Drivers
A weak intermediary creates problems for an investor. Marketing buzz gets not only to investors of a particular financial intermediary who had gone bankrupt or stolen money; it gets to the reputation of the whole market
06.06.2019
SPIEF 2019
Retail Investors as Stock Market Drivers
Laws related to financial consulting have been adopted. Now robotic approaches to financial consulting are developing. At the same time institutes are being created that boost the trust on this market. <…> Individuals who are going beyond their ‘safety bag’ in their savings are very rationally looking for a right profitability, and it can be found on the capital market
14.02.2019
Russian Investment Forum 2019
Regional Bonds as a Tool for Implementing Infrastructure Projects and Improving Quality of Life
To the regular person, bonds are still an unfamiliar instrument, which is why the Ministry of Finance has come up with individual investment accounts, the simplified OFZ-n (Federal Bonds for Individuals — Ed.) instrument, unlisted bonds that are very similar to a deposit. Really, the first step needs to be the distribution of these bonds
14.02.2019
Russian Investment Forum 2019
Regional Bonds as a Tool for Implementing Infrastructure Projects and Improving Quality of Life
The majority of investors on these markets are individual people, who do not need active trading services. <…> The Marketplace (platform — Ed.) should help the public obtain and keep securities until their maturation, without having to rely on the services of a broker or depositary
14.02.2019
Russian Investment Forum 2019
Regional Bonds as a Tool for Implementing Infrastructure Projects and Improving Quality of Life
Individuals are ready to turn to local markets. Not just because those markets have proven profitable, but also because they simply want to improve the world around them. This is a very important factor which is not given enough credit
14.02.2019
Russian Investment Forum 2019
Regional Bonds as a Tool for Implementing Infrastructure Projects and Improving Quality of Life
We agree with the Ministry of Finance that it is not gaps in the budget that should count against bond issuance, but investment projects. Because the redemption of sub-federal, municipal bonds <…> must stem from economic growth, which is sustained through implementing infrastructure projects
14.02.2019
Russian Investment Forum 2019
Regional Bonds as a Tool for Implementing Infrastructure Projects and Improving Quality of Life
We have the infrastructure, including a ratings infrastructure, we have the regulatory environment, where we significantly simplified the issuing of bonds, the release of information, and the issuance of time parameters, next we have the repurchase agreement market, which is very important for the bond market
14.02.2019
Russian Investment Forum 2019
Public Financial Literacy as the Basis for Financial Stability
A person needs protection from the financial market and from themselves by dividing them in qualified and non-qualified investors by their incomes and qualification. <…> It is important that the financial sector does not offer people anything excessive – something they do not need, they do not understand or something that by default involves higher risk and requires other knowledge
14.02.2019
Russian Investment Forum 2019
Public Financial Literacy as the Basis for Financial Stability
School is the only facility that can introduce financial literacy for everybody instead of making it elective. This universal introduction will impact school children and their parents through them
14.02.2019
Russian Investment Forum 2019
Public Financial Literacy as the Basis for Financial Stability
The primary thing is how the financial sector offers its services to consumers. The law on self-regulation has been adopted. Under this law, self-regulatory organizations approved standards aimed at providing citizens with the right information and, most importantly, give them the right expectations for the product
14.02.2019
Russian Investment Forum 2019
Public Financial Literacy as the Basis for Financial Stability
The need for comprehensive knowledge of every single product and for maintaining a budget manually in a notebook is a matter of just several years. Then all of it will be replaced by a gadget that will have a better understanding of a person’s long-term needs. The question is whether people would be ready to trust this software and to stop relying on their own knowledge about the financial world
14.02.2019
Russian Investment Forum 2019
Public Financial Literacy as the Basis for Financial Stability
A region’s economic development has an impact on personal incomes, while a personal income sets a challenge to find a way to manage it other than just spend it on current consumption. It results in a higher interest in financial tools, which leads to higher financial literacy. If people invest, actively manage their savings and place money in start-ups and small business, it fuels the region’s economic development