First foreign fund with the Russian stock exchange index appears before long. Japan’s investment bank Nomura has registered a fund with index of RTS stock exchange (Russian Trading System). In market participants’ opinion, foreign investors are interested in the Russian index in terms of quotations growth’s prospects of the energy sector companies foremost, as RTS index lists their stocks mainly.

While shareholders funnel their assets out of mutual funds, retail investors from the Land of the Rising Sun take interest in Russia’s issuers. Russian managing companies coupled with Japanese companies establish funds that do not differ much from regular share mutual funds by filling.

On July, 16 the government-regulated Federal Grid Company of Unified Energy System JSC (JSC FGC UES) has started to trade its stocks on stock exchanges. From the start FGC capitalization totals $24 billion - at the lowest level of forecasts. Gazprom became the largest minority stockholder of the company with 4% stocks. The market has been for long waiting for securities, as their weight in energy assets’ package is 16-20%. FGC and RusHydro are considered prospective “blue chips”. However, energy companies’ quotations are currently falling, and analysts do not wait their growth before autumn

Managing companies will soon get an opportunity to earn at falling market. This becomes possible due to wide use of futures contracts. As it became known, Federal Financial Markets Service (FFMS) has elaborated core provisions of the document that regulates risks of managers in terms of such contracts use.

Analysis agencies Dealogic and Thomson Financial summed up activity results of investment banks at mergers and acquisitions market (M&A) in the first 2008 half-year. Russian investment banks have significantly improved their positions in the final rating over the Eastern Europe. Their participation in energy companies’ consultations within RAO UES of Russia reorganization has played the major role.

Mechel forwarded a voluntarily offer for minority stockholders of its three subsidiaries - Southern Kuzbass Coal Company OAO, Korshunov Mining Plant OAO and Southern Urals Nickel Plant OAO. In the company do not expose the volume of the possible bonus at buyout, and a source aware of transaction asserts the company is ready to pay around 10% more. According to experts’ calculations, Mechel can spend around $300 million for buyout and that allows it to consolidate 100% subsidiaries’ stocks forwarded to Mechel Mining Company that prepares to IPO on London Stock Exchange (LSE).

Energomash Group Enterprises completes placing 10,5% stocks among the western investment funds. Instead of expected $460 million the Group will attract no more than $300 million. These facilities will be used to refund its record debt - $1,32 billion. The Group has to double EBITDA current year to pay off the debt. However, analysts doubt the company would manage to do this.

AK BARS Bank is the first Russian commercial bank that has entered the Eurobonds market which has not been available over the financial crisis. It plans to place $450 million securities to maintain loan portfolio growth. If AK BARS succeeded in bonds selling to the western investors, other banks would follow its example placing $250-500 million emission weekly, as experts are sure.

Federal Financial Markets Service (FFMS) prepares amendments to an act about joint-stock companies obligating the Russian companies to expose the real owners. In experts’ opinion, new requirement efficiency will depend on rigidity of control mechanisms over its fulfillment. If provision of an act is unclear, there will not be transparent companies at the Russian market.

At the Russian assets management market appears soon new large player. One of the oldest British investment groups - Fleming Family and Partners - establishes own managing company. In terms of the developing market experts name the appearance of the new company rather logic and forecast that in the nearest future such managers as Societe Generale, BNP Paribas and Morgan Stanley start to operate in Russia