Business programme

Following the rather auspicious years 2020 and 2021, the following year (2022), the Russian stock market found itself in dire straits. First, sanctions imposed on Russian companies and financial institutions prompted international markets to stop trading in Russian companies’ stocks and to cancel Russian companies’ IPOs. Second, international financial markets responded negatively to the Federal Reserve System’s attempts to fight inflation by tightening its monetary policy. Many Russian companies said they were ready to go public but the current market situation is forcing them to delay their plans to enter capital markets. The Moscow Stock Exchange reports that about 40 Russian companies said they were ready to go public in 2022-2023. Additionally, there are Russian companies registered in the jurisdictions supporting the sanctions; their stocks are no longer traded on western markets and the companies now have to consider redomiciling and selling their stocks on other exchanges. Even though the Russian stock market did stay afloat after the shocks of 2022, growth opportunities remain limited, which is particularly relevant when it comes to attracting IPO investors. What could enliven the IPO market in Russia? What might companies planning an IPO in Russia look like? What types of investors could become involved in Russian IPOs and what role could they play in the companies going public? What should companies going public in Russia consider when working with Russian investors? What should the Russian financial market regulator focus on amid the current situation in Russia, what changes are needed to IPO regulations in Russia? Could introducing digital financial assets onto Russian exchanges improve liquidity on Russian capital markets? Could Russian exchanges be attractive venues for trading in international companies’ stocks?

Moderator
Anton Ustimenko, Partner, Head of the Technology, Media and Telecommunications Services Group, B1 Group of Companies

Anton Ustimenko

Partner, Head of the Technology, Media and Telecommunications Services Group, B1 Group of Companies

Anton Ustimenko has over 26 years of audit and consulting project experience; audit and consulting experience participating in IPO and M&A projects for a number of technology companies; coordinates initiatives to support technological entrepreneurship; manages work with venture and private capital
Industry focus: Technology, media and telecommunications industries
Education and qualifications: Lomonosov Moscow State University, Bachelor’s degree in Economics; State University of Management, Master’s degree in Management; Certified Public Accountant in the US (CPA); Certified Russian Auditor; member of the Sodruzhestvo Association (Self-Regulatory Organization of Auditors)

Panellists
Denis Baranov, Chief Executive Officer, Positive Technologies
Yuriy Denisov, Chairman of the Management Board, Moscow Exchange
Elena Ivashentseva, Chairman of the Board of Directors, Vostok Investments, Ozon
Anna Kuznetsova, Deputy Chairman of the Board, Russian Agricultural Bank
Vitaliy Sergeychuk, Member of the Management Board, VTB Bank
Aleksandr Williams, Independent Director, Dixy Group
Sergey Khotimskiy, First Deputy Chairman of the Management Board, Sovcombank

Denis Baranov

Chief Executive Officer, Positive Technologies

Yuriy Denisov

Chairman of the Management Board, Moscow Exchange

Yury Denisov has been CEO of Moscow Exchange since May 2019. He has more than 25 years of experience in the financial markets, including leadership positions at major Russian financial companies. Yury Denisov was a member of the Exchange’s Supervisory Board from 2008–2011 and again from 2013 till the present. Since 2008 he has been a member of the NCC Supervisory Board, which acts as central counterparty on all of the Exchange’s markets, and in 2010–2011 and since 2016 he has served as Chairman of the Supervisory Board. Since 2018 he has also served on the Board of the National Settlement Depository (NSD).
In 2002–2010, Yury Denisov was Senior Vice President and Head of the Treasury at VTB Bank, Deputy Head of the bank’s Asset and Liability Management Committee and Member of its Credit Committee.
In 1992–2002, he worked at Eurofinance Bank, where he was Vice President – Head of the Treasury and Member of the Asset and Liability Management and Credit Committees. He began his career at Vnesheconombank in 1987.
In 1993, Yury Denisov graduated from Moscow State Institute of International Relations (MGIMO), specializing in international economic relations.

Elena Ivashentseva

Chairman of the Board of Directors, Vostok Investments, Ozon

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Anna Kuznetsova

Deputy Chairman of the Board, Russian Agricultural Bank

Vitaliy Sergeychuk

Member of the Management Board, VTB Bank

Aleksandr Williams

Independent Director, Dixy Group

Sergey Khotimskiy

First Deputy Chairman of the Management Board, Sovcombank

In 1999 he graduated the International University of Moscow (MUM) with a degree in law. Sergey Hotimsky started in the banking business in 2001 by co-acquiring Buicombank, one of the smallest banks in the town of Bui, Kostroma Oblast, later renamed Sovcombank. Currently, Sergei Hotimsky and his brother Dmitriy own more than 35% of the Bank’s shares, and he personally participates in the operational management of the credit organization, holding the office of the First Deputy Chairman of the Board.