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Central Bank May Exit Moscow Exchange Within 2 Years After IPO

08.11.2012 13:34 / Interfax

The Central Bank of Russia may exit Moscow Exchange MICEX-RTS within two years following the exchange IPO, according to a financial market source.

Deputy Chairman of the Central Bank Sergey Shvetsov said earlier that the government had approved the schedule and procedure of CB exit from the Moscow Exchange capital. “The government has approved it, now it goes to the president. If he gives his approval, the proposals will be made public", said Shvetsov.

In mid-October, Shvetsov said that the CB plans to exit Moscow Exchange not earlier than in five years.

The source told us that in October CB, FFMS and Government officials met to discuss exit schedule.

"The meeting parties decided unanimously that the Central Bank may exit the exchange in two years following the IPO", he said.

The source mentioned that the CB exit from infrastructure hubs such as central counterparty and central depositary must be supervised by a market regulator representative.

"The proposals have been forwarded to Shuvalov, who greenlighted them”, he said.

A second source confirmed that the proposal of CB exit within 2 years following the IPO has been sent to First Deputy Prime Minister Igor Shuvalov.

"The CB stock may be sold to existing exchange shareholders as well as third parties", said the source.

He added that the exit proposal did not include the amount of CB stock to be sold. “Russian infrastructure’s credibility could benefit from the Bank of Russia retaining at least a minority stock in the exchange capital”, he said.

Trading infrastructureProject Group №1Igor ShuvalovSergei Shvetsov