Euroclear Delay Hurts Moscow Stock Trading Ambitions

A delay in the start of Euroclear Bank SA’s plans to offer international investors direct access to Russian equities is proving another setback in the country’s efforts to boost local stock-market trading.

A bill that would have streamlined corporate actions in a format similar to those used by U.S. and European investors wasn’t introduced during the spring session of Russia’s lower house, preventing Euroclear from offering the service from July 1 as had been earlier announced, according to Stephan Pouyat, global head of international markets at the world’s largest securities settlement system. The amendments needed to give investors technical access to equities may be passed next month, the National Settlement Depositary said by e-mail today.