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MICEX-RTS Board of Directors Approves 2012-2015 Strategy

22.05.2012 08:01 / Interfax

The MICEX-RTS Board of Directors approved the group strategy on Monday, according to the stock exchange press release.

The Board earlier advised the management to approve the strategy with clients, regulators and SROs.

It has been reported that according to the MICEX-RTS 2012-2015 Strategy, approved by the Board of Directors in February, the stock exchange aims to raise the EPS from RUB 4,5 in 2011 to RUB 7,5 in 2015, the exchange gross income will rise to RUB 33bn from RUB18bn, profit from RUB 7bn to RUB 17,5bn.

The published part of the strategy states that by 2015 MICEX-RTS aims to bring its share in Russian companies’ IPOs and SPOs to 65% (2011 - 12%). The stock exchange also plans to increase its share in the OTC Russian share market from 58% in 2011 to 64% in 2015.

Deputy Minister of Finance Alexey Savatyugin took part in the Board meeting on Monday. A source close to the exchange reported that Savatyugin was invited by Chairman of the Board Sergey Shvetsov.

Savatyugin says that the Ministry of Finance had two strategic points to discuss with the exchange. “Number one is the exchange claiming leadership in regulatory reform. We want to know how exactly the exchange plans to improve legislation. Number two is the Central Bank of Russia planning to change its share in the stock exchange capital during the IPO”, said Savatyugin.

The exchange release says that the approved strategy is focused on six priorities, product and infrastructure related. Product priorities are the return of IPOs and liquidity to the Russian securities market, and expedited development of the futures market, including product line enhancement.

MICEX-RTS infrastructure projects include a clearing system with a unified client position for all markets; maintaining product line competitiveness of the group’s settlement infrastructure; creating a stable and effective tech platform and services; active involvement in regulatory reform.

The Board of Directors also added the amended stock exchange charter to the 20 June GSM agenda, partly due to the name change.

It was reported earlier that the Board of Directors proposes amendments to the charter to change the full name of the stock exchange to “Moscow Exchange MICEX-RTS”, short name – Moscow Exchange.

The Board of Directors also recommended the GSM to consider separating the powers of the President and the Chairman of the Board due to a vast amount of tasks at hand. The Board candidate for the function of Chairman is Deputy Chairman of MICEX-RTS Alexander Afanasiev. Ruben Aganbegyan is recommended to remain President.

The Chairman candidate will be approved by the GSM, while the President will be appointed by the Board of Directors elected by the GSM.

The GSM agenda also includes approval of the annual report, year-end financial reports, election of the Board of Directors and the audit committee, bonus amounts for the Board of Directors and the audit committee, choice of auditor, profit distribution, including dividend payment.

Trading infrastructureProject Group №1Ruben AganbegyanAlexei SavatyuginSergei Shvetsov