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Market Authority Suggests Consolidating All Exchanges of Russia into a Holding
Russia’s Federal Financial Market Service (FFMS) has suggested consolidating all exchanges of Russia into a single holding and making the IPO of its stocks afterwards, Vedomosti reported.
In the nearest decade, the national financial markets, which number isn’t big today, will be turning into the global financial centers and their availability in this or that country will be one of the most significant indicators of the country’s competitive ability and growth of its global influence. It will be a mandatory condition for its economic and political sovereignty, FFMS says in the files that it intends to canvass with market players and submit to the government in May.
Some 12 actions are needed to make Moscow a global financial center. Amid them are the consolidation and capitalization of financial infrastructure.
It is possible to consolidate and establish control over the existing exchanges by 2010, say the files of FFMS. The next stage is slated for 2011 and it provides for setting up a consolidated infrastructure of the exchange that would comprise special floors, including for clinching the deals with stocks, bonds, derivative instruments. RTS and MICEX, which focus is clear already, could be the subsidiaries of such holding.
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