The Central Bank has not yet picked the head of the financial markets division set up in a bid to build a 'megaregulator', a move announced earlier this year and approved by the parliament.

      Until recently, Dmitry Pankin, former boss of the Federal Service for the Supervision of Financial Markets, has been widely tipped as the most likely candidate.

      His appointment is now in balance after his stiff resistence to the disbandment of his agency.

      He is also reported to have unsuccessfully pushed for a 300 percent growth in salaries for his staff that is supposed to be joining the Central Bank's dedicated division. The Bank approved only a 50 percent increase.