The European Bank for Reconstruction and Development (EBRD)
The Federation of Euro-Asian Stock Exchanges
94
FEAS Talks with Mr Pivovarsky
About Company
Established: 1991
President: Ms Odile Renaud-Basso
Address: One Exchange Square,
London EC2A 2JN, United Kingdom
Website: www.ebrd.com
- Joined FEAS in 2015-
Mr Alex Pivovarsky
Director of Capital Markets
Development Team
Year in review
Our mission at the European Bank for Reconstruction and Development is to boost access to finance and resilience to economic shocks in our countries of operations (COOs) by, for example, expanding local capital markets, especially in local currency, while working with the authorities, issuers and investors to create a safer environment for saving, borrowing and hedging at fair prices across all tenors and instruments. Capital markets in our COOs are at different stages of development, and we possess a toolbox with instruments for each stage. Our country specific actions are calibrated based on country assessments and diagnostics, country strategies and policy priority objectives.
“The year 2020 with the Covid-19 pandemic has demonstrated again that a strong local capital market improves the resilience of the economy. The EBRD is committed to developing capital markets in its countries of operations and to expanding the range of capital market instruments to help support the private sector and the entire economy.” – Alex Pivovarsky, Director of Capital Markets Development, EBRD
To build a resilient and healthy economy the support of a strong local capital market is indispensable. Stock exchanges are the key part of any capital market infrastructure and should play a leading role in capital market development. The EBRD supports the development of local stock exchanges at all stages from strategic planning through improving the regulatory, trading and post-trading infrastructure to product development and/or to regional expansion. In recent years, the EBRD supported, among others, Poland, Uzbekistan and Georgia to prepare a mid-term public capital market and stock exchange development strategy.
Because of the relatively small local capital markets in many of our COOs we believe that regional consolidation and integration with the goal of linking these markets with the global pool of capital markets is crucial. This is the reason why the Bank supported, for example, the acquisition of the Ljubljana Stock Exchange by the neighbouring Zagreb Stock Exchange. For the same reason we also participated in the SEELink project to link up the stock exchanges of central and south eastern Europe.
In terms of product development the EBRD played a leading role in developing the first Green Covered Bonds, CPI-linked instruments, Asset Backed Securitisations incl. SMEs, Synthetic Securitisations, Securitisations of NPLs and also Sharia-compliant Bonds in many COOs.
The EBRD has its own Capital Markets Development department to collect and concentrate relevant expertise and know-how to provide support in line with the following three strategic pillars: