In view of the upcoming IPO, the Board of Directors considers “Advisory Board” more consistent with international terms in regard to its functions, despite both names deemed equal by Russian law. The highlight of Advisory Board name is strategy approval and control functions as part of the general management process.

On 6 November, the Board will also determine the pre-IPO technical bonus issue offering price.

Quasi-treasury bonus issue stock is placed via private offering to MICEX-Finance, a 100% Exchange owned subsidiary.

It has been reported earlier that on 30 October, the Federal Financial Markets Service (FFMS) registered Moscow Exchange MICEX-RTS bonus issue and offering memorandum of 200mn ordinary shares, says the service press release.

The increase in the exchange charter capital is part of the 29 June 2011 MICEX-RTS integration agreement.

In August, Moscow Exchange President Ruben Aganbegyan said that IPO volume is the only indicator. "It is set in the RTS-MICEX integration shareholder agreement: the minimum IPO volume is RUB 9bn. This volume determines the bonus issue amount of 200mn", he said.

He says that the exchange plans to float the bonus issue as a private offering and register the report in time for the exchange shares to become tradeable by the time of the IPO.

A source said that the offering price is likely to be set by the Board of Directors in January 2013, and the bonus issue will take place in February.

Trading infrastructure, Project Group №1, Ruben Aganbegyan