The memoranda envisage cooperation between NASDAQ and the Russian exchanges, 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 memoranda call 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 agreements 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.”
NASDAQ Executive Vice President Bruce Aust added, “A strong and mature capital market is a clear indication of a stable economy and we are excited to play a role in the evolution of the Russian securities markets. We regard our cooperation with MICEX and RTS as a major step forward in making the Russian securities market more transparent and attractive to international investors.”
“The RTS Stock Exchange, like NASDAQ, was created by a professional community as an electronic platform. The first trading system of our stock exchange was built on principles similar to those of NASDAQ. The signed memorandum will enhance this mutually beneficial cooperation between RTS and one of the world’s leading stock exchanges,” said Oleg Safonov, President of The RTS Stock Exchange.
“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.
NASDAQ is the largest U.S. electronic stock market. With approximately 3,300 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit the NASDAQ Web site at http://www.nasdaq.com or the NASDAQ Newsroom at http://www.nasdaqnews.com/.
The Moscow Interbank Currency Exchange (MICEX) is Russia’s leading universal exchange, which serves as a basis for the nationwide system of trading in the currency, stocks and derivatives sectors of the financial market, covering Moscow and Russia's largest financial and industrial centers. MICEX provides settlement and clearing as well as depositary services for about 1500 organizations — participants in the stock market. Total trade turnover in 2004 — 548 billion dollars with the average daily volume of transactions amounting to 2.2 billion dollars. The MICEX Stock Exchange is the largest stock exchange in Russia, the CIS and Eastern Europe. The stocks and bonds of approximately 300 leading Russian companies are traded here on a daily basis. Average daily volume exceeds $600 million, which accounts for more than 80 percent of the cumulative turnover on all Russian stock exchanges. (www.micex.ru). For more information, please, call Alexey Gerasyuk, (095) 232-0555.
The RTS Stock Exchange (RTS) is Russia’s leading stock exchange in terms of the number of securities traded on it. By the end of 2004 more than 300 securities and bonds traded on the RTS Stock Exchange. RTS’s indicative quotation systems comprise about 700 stocks and 500 bills issued by Russian companies. RTS in partnership with St. Petersburg Stock Exchange executes OAO Gazprom’s stock trades. RTS Index is a well-recognized indicator of Russian securities market development. FORTS – RTS futures and opinion market – is a leading system for trading derivatives in Russia, which amounts to 98% of the turnover, and one of the major trading floors in the future segment of certain stocks. The current volume of futures and options is approximately 1.7 billion contracts, and trading volume exceeds 200 thousand contracts. (www.rts.ru). For more information, please, call Zoya Konovkova, (095) 705-9031.
