... offering process and may lack transparency. During the IPO, the company's valuation is typically higher as the market accounts for more comprehensive information regarding its operations and growth prospects. Liquidity Level Pre-IPO shares have low liquidity since they are not traded on public markets, and access to them is limited. IPO enhances liquidity, as shares begin to trade on the exchange, allowing investors to buy and sell them freely. Disclosure Requirements At the Pre-IPO stage, disclosure requirements are minimal. The company may ...

... businesses stay informed about how U.S. holidays like Veterans Day impact commodity availability and pricing for Russian firms. What This Means for Russian Investors For Russian investors, Veterans Day serves as a reminder to exercise caution. Though U.S. markets remain open, reduced liquidity can result in higher volatility. This is particularly relevant for investors dealing in U.S. stocks or currency pairs involving the dollar, as intraday fluctuations can increase risks. Investors may want to consider either pausing trades for ...

... flexible disclosure and audit requirements. Companies may require less time and resources to prepare for a public offering, which reduces the financial burden. However, opportunities for capital raising may be limited compared to the U.S. due to lower market liquidity. 6. Corporate Governance and Investor Protection Investor protection and corporate governance standards also differ between the U.S. and Russia. American IPO: In the U.S., companies are required to adhere to strict corporate governance standards,...

... 20-30% or more (the corporate bond index RUCBCPNS closed at around 23.7% in October 2024). Risks: OFZ carry virtually no risk (government guarantee), while corporate bonds involve credit risk (default). Bond prices fluctuate; as the key rate rises, their market value typically decreases. Liquidity: OFZ are actively traded on the exchange and can be easily bought and sold. Corporate bonds are less liquid, especially those issued by smaller entities. Taxation: Coupon income and gains from the sale of bonds are subject to PIT at a rate of ...

... allows investments in gold, silver, and other precious metals. Protection against inflation and crises makes gold a popular choice. Recent years have seen real returns in rubles of several percentage points per annum. Selling metals is straightforward at market rates (high liquidity), and profits are subject to a 13% income tax (similar to capital gains on other assets). Real Estate. Investments in residential or commercial real estate traditionally serve for long-term capital preservation. Rental income can yield returns ...