Russian telecommunications task order : final report

(IFCI), under contract with USAID, established a telecommunications framework through which the Russian Federation"s securities market now: (1) lists shares available for trading with bid and ask prices according to an internationally accepted model; (2) transfers data and messages necessary to perform front and back office securities transactions in a secure and reliable manner; and (3) maintains data processing and communications systems in an industry-accepted manner to ensure data integrity, system reliability, and optimum system performance. To guarantee the system"s sustainability, IFCI guided local system management and users in the use and further development of resources; trained local staff to continue system development; and established a framework that can help improve user and public confidence in the technologies necessary for modern capital markets. IFCI overcame the extensive technological, organizational, and political difficulties it faced while working on the project, learning several lessons along the way. (1) The task order should designate an authority to maintain full legal and administrative powers related to the project. This authority, ideally a government ministry, should be experienced in the technological matters at hand, accessible to project implementors, and complemented by a group of experts (including representatives from the consulting firm) who can oversee project implementation. A mechanism should exist for appealing decisions made by the authority on recommendations offered by the experts. (2) The project design should allow for the sanctioning of local participants who fail to fulfill program tasks. (3) The project requires an effective body for making administrative decisions regarding project implementation without being hampered by needlessly complicated procedures or the inaccessibility of project officers. (4) The project"s goals should be supported by host country legislation. (Author abstract, modified)