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MFK Renaissance was created from the merger of the International Company for Finance and Investment (whose Russian acronym is MFK) and Renaissance Capital Group, the bank set up by a group of former CSFB executives led by Boris Jordan, the firm's president. Over the past year Renaissance has boosted its brokerage operations, a process which the merger is expected to strengthen. In the first two months of this year the firm was the largest trader of Russian American depositary receipts (ADRs), accounting for 24% of turnover. In doing so Renaissance has pushed the previously indomitable CSFB with 20% into second place. This achievement is greater in contrast to the situation for Latin America, where the majority of ADR trading is done offshore through New York. Jose Manuel Abaroa, the firm's head of equity sales, reports that the firm has approximately 12% of turnover on the Russian trading system. "Our market share has increased from zero three years ago," says Abaroa. "When the market started CSFB had a virtual monopoly."