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MICEX-RTS unified exchange starts trading session

December 19, 2011, 15:42 UTC+3

Russia’s two major exchanges, MICEX and RTS, have merged

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MOSCOW, December 19 (Itar-Tass) —— Russia’s two major exchanges, MICEX and RTS, have merged.

The new exchange reports that “on December 19, at 10:00 Moscow time, a bell started a trade session at the MICEX-RTS exchange. Russia’s new united exchange has all preconditions to become a world leading platform for trade operations with all trade assets.”

The united exchange is a universal platform, where Russian and foreign participants may trade shares, bonds, derivatives and currencies.

For the market participants, the integration of the exchanges means establishment of a unified platform for issuers, traders and investors, cutting of transactional expenses, easier trade and access, as well as new products and services. For shareholders the merger is a factor, which favours incomes, diversifies sources of revenues and is an ability to organise a public company.

At the stage of preparations for the deal, the capitalisation of the merged company was estimated at 4.5 billion dollars. With favourable market conditions, the united exchange plans to have an initial public offering /IPO/ in 2013. In order to prepare for the upcoming IPO, MICEX-RTS chose its organisational-legal form as a public corporation.

The share of the Bank of Russia in the MICEX-RTS capital is not announced yet, but earlier it was estimated at 21-24 percent. After the IPO, it may decline to 15 percent. Later on, the share of the regulator will be lowering gradually to zero over two years.

According to information Itar-Tass has, MICEX-RTS’ shareholders planned to place shares worth minimum 300 million dollars during the IPO.

The united MICEX-RTS exchange plans to finalise in 2012 the work on launching of T+n trade sessions in stock market, where the choice of the technology platform will let the exchange have a united trade account for spot and derivative instruments. Another important stage due next year is merger of the National Depositary and the Depositary-Clearing Company. Existing indexes will be transferred to use unified rules and settlement platform.

The new exchange is working on a new brand, which may be presented during first six months of 2012.

The MICEX-RTS Group is an integrated trade and settlement infrastructure, which offers to Russian and foreign investors operations in the stock, derivative and monetary markets. The trade organisers are MICEX-RTS public corporation and FB MICEX close corporation. Settlements and depositary services are provided by the National Depositary Centre close corporation, Depositary-Clearing Company close corporation, and RTS Settlement Chamber non-profit organisation. Clearing services are provided by RTS Clearing Centre close corporation and the National Clearing Centre close corporation.

Stock trading sessions at the MICEX-RTS Stock Market are in three sectors: Main Market, Standard and Classica. Derivatives are traded at the Derivative Market, which includes MICEX Derivative Market / futures for currency and interest rates/ and FORTS /stock, currency and commodity derivatives/. Money markets have two trading sections: RP with state stock and money market instruments and RP with share and bonds.

Calculation of RTS and MICEX indexes at the unified platform is based on the stock during trade sessions at the Stock Market of MICEX-RTS. MICEX is the client for the calculation. The indexes are calculated from 10:00 through to 23:50 Moscow time. MICEX and RTS sector indexes are transferred into a unified product line with a unified order of calculation and unified basket of stock.


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