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The International Business Structure (IBS) was formed as a separately capitalised and audited entity to make Russian and CIS products available to international investors.
The IBS comprises four businesses: Renaissance UK Holdings Limited (RUKHL), a subsidiary of Renaissance Capital Holdings Limited; Renaissance Capital Limited (RCL); RenCap Securities, Inc. (RenCap Securities®); and Renaissance Financial Services Limited (RFSL). RCL and RenCap Securities are based in two major financial centres, London and New York, respectively, and offer the Firm unparalleled access to international markets. In addition, RFSL, located in the Republic of Cyprus, provides favourable double-tax treaty access to the Russian market.
In the interests of transparency and confidence building, the IBS is subject to consolidated reporting and supervision from the Financial Services Authority (FSA) of the United Kingdom. The four entities of the IBS form a discrete group which is ring-fenced from other Renaissance Capital entities and has independent operations, risk management, treasury, audit and compliance functions. The IBS trades ADRs/GDR’s, local Russian securities as well as structured equity and fixed-income products. Our structured products now enable the IBS to provide greater access and liquidity to the ever-growing Russian market. In 2005, the IBS was rated long-term BB- with a “stable” outlook by Fitch Ratings and by S+P, the IBS was rated long-term B+ with a “stable” outlook.
The IBS structure operates in a highly regulated environment. In line with these requirements we hired a global head of compliance in 2005 with over 20 years of experience to co-ordinate our efforts to maintain the highest levels of best practice across all of IBS’s jurisidictions.
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RCL was the first Russian broker to be authorized by the FSA to carry out a wide range of activities. This has meant that RCL has become the pre-eminent Russian investment bank operating in one of the most regulated markets in the world. RCL is a trusted, credible and transparent partner for the UK’s and Europe’s largest institutions. RCL offers equity, equity-related, fixed-income and corporate finance advice to its clients. It acts as an agent to institutional clients in equity transactions and has added a significant level of complexity to its product base, including options, futures, structured products, equity baskets and equity capital markets transactions. With a significant market share in Russian equities, RCL acts as one of the main conduits globally in delivering capital flows into the Russian capital market. |
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RenCap Securities®, a member of the National Association of Securities Dealers (NASD) and the Securities Investor Protection Corporation (SIPC), is authorised by the NASD to carry out broker-dealer activities in the US. RenCap Securities focuses on both agency and principal activity with institutional investors, and continually seeks to expand its presence in the US. In 2005, total ADR volume from our US-based clients increased by more than 100% on the previous year. This is a remarkable achievement after having already grown by 69% in 2004 vs 2003.
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In Cyprus, Renaissance Financial Services Limited (RFSL) provides our clients with another mechanism to conduct business according to EU regulatory standards and increases our European footprint. RFSL is authorized by the Cyprus Securities and Exchange Commission.
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