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The decision to establish the MICEX Stock Exchange was made by the MICEX Exchange Council in November 2003. The share of each stockholder in the MICEX Stock Exchange’s capital does not exceed 20%, which complies with the Federal Law «On the Securities Market». The MICEX Stock Exchange’s stockholders are the stockholders of the MICEX. Their stakes in the MICEX Stock Exchange are equivalent to their stakes in the MICEX. The MICEX Stock Exchange’s stockholders include International Moscow Bank, VIP-Bank», International Bank for Economic Cooperation, Eurofinance Mosnarbank, CentroCredit, Sberbank, Industrial Commercial AvtoVAZbank, Bank St.Petersburg, Sotsinvestbank, Bank for Foreign Economic Activities of the USSR, Bank for Foreign Trade, Rosbank, Gazprombank and 8 new organizations – professional participants in the stock market (Alor-Invest, Alfa-bank, Brokercreditservice, VEO-Otkrytie, Web-invest.ru, Renaissance Broker, Aton, and Troika Dialog Investment Company). The MICEX itself owns 12% of the stock capital of the MICEX Stock Exchange.
According to the Chairman of the Board of the MICEX Stock Exchange Alexander Potemkin, the MICEX is now transferring that part of its business, which is connected with organizing trading in corporate securities, to the new entity. This includes the redrafting of agreements with market participants.
Background
The MICEX Stock Exchange was established as the MICEX’s subsidiary with the authorized capital of 100 million rubles. On 2 December 2003 it was registered as a legal entity. The decision to establish the MICEX Stock Exchange was made following the enactment of amendments to the Federal Law «On the Securities Market». Alexander Potemkin, the MICEX CEO, was elected Chairman of the Board of the MICEX Stock Exchange. The CEO of the new Exchange is Alexei Rybnikov, First Deputy of the MICEX CEO.
