The stock market license is a necessary part of RTS/MICEX integration and forming the integrated exchange markets. The primary step is the exchanges’ derivatives market integration , including stock market derivatives, and their transfer to ZAO MICEX. This will be followed by ZAO FB MICEX merger with head company (ZAO MICEX), which by then will have become a public limited company.

MICEX President Ruben Aganbegyan says that the regulator’s license is an important step towards creating an integrated stock market, and hopes are high for the legal merger completing by 19 December.

The merger received initial approval in December 2010, when MICEX shareholders and five RTS majority shareholders, owners of the controlling stake, signed the integration memorandum. In accordance with the contract terms, 35% of the acquired RTS stock will be paid for in cash, 65% in ZAO MICEX shares. The legally binding documents were signed by the parties on 29 June. The integration of the stock exchanges is set to be finalized by end-2011.

Trading infrastructure, Project Group №1, Ruben Aganbegyan