The memorandum envisages cooperation between MICEX and NASDAQ, which will be of considerable benefit to both sides and lead to the enhancement of the capital markets, through better understanding and awareness of the functioning of the markets. The memorandum calls for an ongoing exchange of information between the exchanges, as well as joint marketing efforts.
U.S. Ambassador Alexander Vershbow, who hosted the ceremony, welcomed the signing parties by saying, “The signing of an agreement such as this one represents expanded economic cooperation between the private sectors of the Russian Federation and the United States, which benefits the economies of both nations. It also represents another concrete step toward Russia’s integration into global financial markets, which means greater transparency and adherence to the principles of corporate governance.”
“U.S. clients will gain a deeper knowledge and understanding of the Russian securities market. For MICEX, cooperation with NASDAQ means, primarily, compliance with the high standards of international capital markets. MICEX anticipates a significant flow of IPOs from Russian companies and we are thoroughly studying best practice in the international markets. In this connection MICEX hopes to draw upon NASDAQ’s unique experience in the IPO market,” said Alexander Potemkin, General Director of MICEX.
