The International Capital Market Association and Russia's National Securities Market Association, two industry trade bodies, are to expand their joint activities in Russia to develop further the country’s financial markets.

ICMA and NSMA yesterday said they signed a new memorandum of cooperation to expand their joint relationship, which over the past few years has involved both bodies working on series of projects, the first being the development of Russia's repurchase market, in which funds are lent in return for the sale and future repurchase of an asset. On the termination date, the seller repurchases the asset at the same price at which it was sold for and pays interest for the use of the funds.