New banking technologies influence financial market

ZURICH, March 14 (Itar-Tass) - New technologies in the banking sector
begin to exert a serious influence on the financial market, the president of the Association of Russian Banks, Garegin Tosunyan, said in an interview with Itar-Tass on Sunday.
"As for the financial market, new technologies in the banking sector begin to produce a rather serious effect. Within five-seven years we will enter an absolutely new era, when the banking and financial services will be taken onto the electronic platform," he said.
"In this case it is important to ensure competitive conditions to
prevent such cases, when those who fall under the official banking, would face a maximal control and those who do this alternatively, would be beyond control," he said.
Tosunyan expressed confidence that "without toughening control
measures the emission of E-money can be irrepressible and uncontrollable."
Peculiarities of financial and banking market evolution in the light of Russia's banking sector development strategy top the 10th session of the Russian Economic and Financial Forum that opened in Switzerland on Sunday.
Prospects for creating an international financial centre in Russia
also top the agenda.
The head of Russia's federal service for financial markets, Vladimir Milovidov, admitted that the centre's creation is "a long process" and it requires important steps, including legislative initiatives.
"Three principal laws were adopted after the previous meeting," he
said adding that the talk is about the law on counteraction to insider
information and market manipulation, amendments to the law on securities and the law on clearing that Milovidov described as revolutionary.
The forum has been regularly organized since 2002.