Russian Brokers on German Exchange
Deutsche Boerse AG, operator of the German stock market, has attracted a third Russian broker, heavyweight Troika Dialog, through its Cypriote subsidiary TD Investments Ltd., to its Eurex market. Aton has been present on that market since 2004 and Finam premiered on Eurex and Xetra last December. There are still no Russian share issuers there, however, which were Deutsche Boerse’s main goal when it opened its Moscow office.
“Membership in the German market became interesting for us after options and future on the MSCI index appeared among the exchange’s instruments at the end of June,” commented Troika Dialog derivatives department director Georgy Mirel. Ninety percent of Troika Dialog’s turnover in derivative instruments occurs on the RTS futures index. The remainder is on MSCI Russia index, the London RIOB exchange and the Viennese RDX. All of those exchanges have Russian issuers.
Eurex is the largest market for derivatives trading. Its capitalization exceeds $23.5 billion, making it the world’s second largest exchange after NYSE Euronext. Deutsche Boerse owns 50 percent of Eurex. Nonetheless, experts note, MSCI Russia is more attractive to investors and is often used as a benchmark by Western funds. Otkritie and Uralsib may join Eurex before the end of the year, and Renaissance Capital became a Deutsche Boerse listing partner at the end of May.
Deutsche Boerse’s dream of competing with the London Stock Exchange, where Russian companies placed $20.1 billion last year, are not coming true yet. Mechel was the first Russian company that was to hold its IPO on the German exchange but, after it was criticized by Russian Prime Minister Vladimir Putin, its quotations fell by almost 50 percent and its IPO postponed.
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All the Article in Russian as of Aug. 25, 2008
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