"We have shortlisted 20 candidates, and met with over 10 banks. The decision is still in the making”, he said.

He says there is a tender board in place that selects the IPO organizers, and the decision is being made on who will join the list, how the fees will be structured and what roles will be assigned to each bank.

"I hope the choice will be made in 2-3 weeks. Could happen sooner, or maybe slightly later", Aganbegyan said.

The media reported earlier that the exchange has already made the shortlist of potential organizers. "Where they got that from, I have no idea", Aganbegyan told us.

He also mentioned that the exchange could be ready for IPO by end-2012. "We will see what the organizers have to suggest", said Head of the exhange.

As reported earlier, the MICEX-RTS integration memorandum states that the new exchange could be floated in 2013.

Project Group №1, Ruben Aganbegyan