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MICEX and RTS to define new markets by 1 November

17.08.2011 15:48 / Interfax

MICEX and RTS are to develop detailed integration plans for each market, consult the participants and commence implementation by 1 November, said Deputy Head of Integration at MICEX Dmitry Sheglov.

“We are currently preparing an overview of each stock exchange market by this and the next year-end. This overview is complemented by an action plan”, Sheglov said.

Earlier, the stock market participants expressed concern over the lack of a clear vision of the two exchanges integration, given that the merger of RTS with MICEX had been already finalized. The following agenda still needs to be cleared: the integration of settlement depositaries of the two exchanges; the calculation of client fees for the new exchange, which will become a de facto monopoly; the future of similar exchange products, for instance the forward markets that exist at both RTS and MICEX.

Dmitry Sheglov says that the description of the new markets will incorporate a list of traded instruments, available trading modes, risk management system, trading and clearing access, MICEX and RTS functions for each market, IT platforms, fees and other substantial market details.

Once the set-up of the stock exchange markets has been developed, the exchanges will arrange Market Committee discussions with market participants in early September.

This effort is part of the “7 Steps in 100 Days” stock exchanges integration plan, aiming to shape the seven major businesses of the new stock exchange.

RTS and MICEX shareholders signed a framework merger agreement on June 29. MICEX has already filed the trade for approval at the Federal Anti-Monopoly Service. As stated earlier by the Head of MICEX Ruben Aganbegyan, the stock exchanges merger is set to be finalized by the year-end, with plans to float the new exchange in late 2012.

Trading infrastructureProject Group №1Ruben Aganbegyan