Unfortunately, only 10% of financial services professionals think Russia can become a global financial services centre by 2020

Andrey Sharonov, mayor of Moscow, has big intentions when it comes to transforming his city into a global financial centre. Earlier this year, he told journalists that 90% of Moscow's budget will be devoted to this end and that he wants Moscow to rank among the top ten financial centres on the Global Financial Centres Index -   it currently ranks 65th, down from 61st in 2010.

Unfortunately, VTB Capital's Investment forum, held in London this week, suggests Moscow has a very long way to go.

Only 10% of the members of a panel titled, '"Russia Capital Markets – Preparing for a Larger Role", thought Moscow's goal of becoming a financial centre in the next eight years was viable.

The main problem was seen as Russia's lack of a savings base, plus the perceived corruption and mistreatment of investors.

Peter Jarvis, a fund manager at Pictet Asset Management, said the Russian market simply doesn't have enough liquidity, reported Financial News:  "You need more domestic liquidity. Russia is the highest beta emerging market by an absolute mile, and that is simply because there is no natural buyer, and no natural home for equities."