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MICEX to Consider Tomorrow
The MICEX is going to hold its evening trading with calculations for tomorrow, which will supposedly make life easier for back officers of investment companies and banks. Brokers, however, are not happy about the prospect of working an extra hour.
Traders would like to hold the evening session with calculations for the following day, Alexander Potemkin, president of the MICEX group, told Kommersant commenting on results of consultations with brokers.
The management of the stock exchange believes that an evening trading session should be extended to keep turnover on the Russian market high. During some hours of the trading day trading volumes of Russian securities at major international exchanges are very high and even approaching those on the Russian market, Mr. Potemkin note. That is why the trading should be extended from 6 pm to 7.30 pm when macroeconomic data comes from U.S. markets to Russia.
Having consulted with brokers, the stock exchange decided January 31 to extend the evening session till 7.15 pm. The trading will probably be further extended till 7.30, Mr. Potemkin told Kommersant.
The head of the MICEX says new trading rules are likely to be sent to federal finance markets authorities before March asking to hold the evening trading with calculations for tomorrow.
Some market watchers welcomed the decision which will see trading with calculations for tomorrow. Others are quite skeptical of the idea. An extra trading hour is just an extra working hour for traders, they say.
www.kommersant.com
All the Article in Russian as of Feb. 16, 2007
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