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06.12.2010
Russia decided to join the RTS MICEX stock exchange with a German
Russia decided to join the RTS MICEX stock exchange with a German

Russia is negotiating with the German stock exchange Deutsche Boerse to create an alliance with the RTS and MICEX, Bloomberg reported, citing sources. Because of this, Russian companies will be able to get a listing in the two countries, which will help boost exchanges and trading volumes to compete with London and Hong Kong, say the sources. In addition they have access to international e-service system in the stock market Eurex and Clearstream, which belong to the German market. An alliance may be executed through the exchange of shares of Russian and German stock exchanges, sources say the agency. Which parts are we talking about, they are not reported.

Sources of the newspaper Vedomosti assure that it is not about buying the shares, and a strategic partnership. If the RTS and MICEX stock exchanges combined, the German exchange will receive 10-15% of Russia. How long will the German stock exchange Russian side is not known, however, Russia will have parity.

However, there is another scenario. According to another source of the newspaper, the German side separately discussed a merger with the RTS and MICEX with, because the union of the Russian stock exchanges remains elusive idea. Deutsche Boerse could buy a share of the MICEX Central (29,8%), or buy a share in the additional issue. However, the CB is important to maintain a minimum 5% stake in the MICEX.

In the MICEX confirm the communication with their German colleagues, however, the press service of the claim that until it comes to sharing the experience rather than a merger, the newspaper Kommersant. However, the fact of negotiations with Deutsche Boerse to create an alliance with the largest Russian sites confirms the head of the Federal Financial Markets Service Vladimir Milovidov.

The idea of merging the Russian exchanges with German support, and President Dmitry Medvedev and Prime Minister Vladimir Putin, and Finance Minister Alexei Kudrin and first deputy chairman Alexei Ulyukayev, Vedomosti. Although the premier's press secretary, Dmitry Peskov, yet he knows nothing about the planned merger. He asserts that during the recent visit of Putin to Germany, this issue was not discussed.

The path to an international financial center

Experts newspapers differed in assessing the prospects of merging the RTS and MICEX stock exchange with a German. Some believe that it makes no sense - is another matter if we were talking about New York or London stock exchange. An alliance of the three exchanges would be the first step towards creating an international financial center in Moscow, does not exclude others. In addition, the alliance will give Russian issuers access to foreign liquidity, will help increase the turnover of Russian securities abroad. Now DB has only 5-6% of the turnover of Russian securities.

The idea of an alliance

For the first time about the plans of German stock exchanges to cooperate with Russia became known in 2006. Then DB signed a memorandum of understanding on the MICEX and dug a representative office in Moscow. Two years later, after rumors of an alliance between the two exchanges. Partnership DB with only one stock exchange MICEX make Russia more competitive platform as compared to Rs. Meanwhile, the RTS is planning a 2011 IPO, to avoid a hostile takeover by the MICEX.

 

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