The RTS stock exchange is to start trading ordinary stocks of Gazprom today. Yet, the MICEX (seen in the photo) may turn out to be the ultimate winner.
Photo: Ildar Azyukov
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RTS Leaves MICEX behind
The RTS stock exchange is to start trading ordinary stocks of Gazprom today. What’s more, securities of Gazprom will be included into the calculation of the RTS index from mid-March. The MICEX, the main rival of the RTS, is going to announce a preliminary date for the trading of Gazprom’s stocks on January 18. However, the move of the RTS may bring it only a temporary advantage.
The RTS exchange said yesterday that the trading of Gazprom’s stocks would start today on the classic market. Stocks of Gazprom will be included into the calculation of the RTS index by mid-March.
The MICEX is expected to announce the date for the first trading day of Gazprom’s securities on January 18 after a meeting between the heads of the stock exchange and market participants. Vadim Egorov, the spokesman for the MICEX, said that the trading of Gazprom’s stocks is preliminarily scheduled for the last week of January but the date may be shifted.
Market watchers believe that the lead of RTS in the trading of the Russian gas giant’s shares may turn out to be only temporal. “New clients are likely to open accounts at the classic market of the RTS, which will help cut down both transactional and depositary costs. But those who have already dealt with Gazprom’s stocks will keep on working through the St. Petersburg exchange,” Dmitry Serebrennikov, an analyst at Finam, an investment company, said. The main dealer of BIN-Bank Sergey Zhirkov supposed that trading will be focusing on the S. Petersburg exchange for the time being but “once the MICEX opens the trading of Gazprom, major transactions will be held there”. “Russian investors are now becoming increasingly important and the MICEX is their main ground.”
Sergey Tyagay, Olga Buyanova
All the Article in Russian as of Jan. 13, 2006
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