‘The issuers’ informational transparency is one of the greatest motivating factors for the stock market development. According to the legal regulations regarding ways and formats of revealing information, the issuers (there are about 800 of them in Ural Federal District) must draw up and publish a quarterly report containing data that might have a significant impact on the issuer’s share price,’ says Vladimir Krysov, Head of Federal Financial Market Service in Ural Federal District.

‘We processed 3,094 reports last year; due to the administrative pressure and monitoring policies we have to employ, the amount of reports we get grows by 7% to 15% annually. It is quite remarkable that only 30% to 40% of the companies liable to reporting actually did so in 2004, yet now 76% of joint stock companies reveal the information with compliance with the existing law. The stock market players are becoming more and more conscientious and scrupulous. The issuers now take the whole procedure much more seriously,’ Mr Krysov observed.