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Bank of Russia to Purge Unstable Exchanges from the Market

17.10.2013 16:28 / PRIME

The Bank of Russia will only license financially stable exchanges with a development strategy in place, said First Deputy Chairman of the Bank of Russia, Head of the Central Bank Financial Markets Service Sergey Shvetsov at the MIFC Strategic Session at RIA Novosti.

“There can’t be too many exchanges”, he said, adding that liquidity is a common good for the Russian market in general, therefore its fragmentation will have an adverse effect.

Shvetsov pointed out that from 1 January 2014 all Russian exchanges will become universal. “Exchanges that fail to present a clear development strategy or proof of financial solvency can hardly expect to be granted a license”, he said.

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