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Apart for ‘blue chips’ the following securities were popular on the market: "RBC Information Systems’ – 7% of total trading volume, "Volgatelecom" (4.5%), ‘North-Eastern Telecom" (3,6%), ‘Verkhnesalda metallurgic plant" (2.2%), ‘Sayano-Shushenskaya GES" (1.4%), "SibirTelecom" (1.4%).
Commenting on the results of the first trading day, the "RTS Stock Exchange" JSC president Oleg Saphonov noticed the large share of second-tier companies in total trading volume. ‘We are expecting the interest in the second and third-tier stocks to grow", says Oleg Saphonov. "Right now the liquidity in these securities is provided by exchange specialists".
"We just made a very important step towards building an efficient securities market in Russia", continued Saphonov. "The securities market should be the place to define prices for all securities in all industries; it should also serve as a tool to attract investments".
As of November 23rd, 2004, 78 companies are accredited at the RTS Stock Exchange joint-stock company. 273 securities issued by 188 companies are admitted to trading on the exchange. To ensure liquidity in 39 stocks by 27 issues, the company formed the ‘exchange specialist’ institution aimed at developing liquidity in the second and third-tier securities.
In July 2004 60% of the shares of the newly created company was offered to professional market participants. The demand for shares exceeded supply by 12%. As a result, 17 largest investment companies and banks became shareholders. In November 2004 the additional 10% were sold to 4 large investment companies and St. Petersburg Stock Exchange. The remaining 30% are now held by the non-profit partnership "RTS Stock Exchange’. Non-profit partnership "RTS Stock Exchange’ serves as the clearing center for the new exchange. "Depositary and Clearing Company" acts as the depositary, and RTS Settlement Chamber – as the settlement bank.
