Sergei Shvetsov was appointed to head a new markets "mega-regulator." A Russian central banker, Shvetsov's job would be to oversee, clean up and reform the country's stock markets. The Kremlin created the new "mega-regulator" which would start working on September 1. The Bank of Russia confirmed Shvetsov's appointment in its website.
As head of the in-house regulator, the 42-year-old banker was promoted to the position of First Deputy Chairman. Shvetsov did not give any comment about his appointment. Sources knowledgeable about the matter told Reuters that he was the last candidate. Dmitry Pankin, the head of the Federal Financial Markets Service, earlier withdrew his name from the potential list of those who would be heading the new regulating agency. The Federal Financial Markets Service is the existing market regulator that would be replaced by the new "mega-regulator" headed by Shvetsov.
Russian stocks remained unattractive to foreign investors as insider trading remained a problem. Despite recent reforms carried out by the government, the Russian market still continued to trade at half of the highs it experienced before the 2008 crisis.
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