The order-acceptance system for units of interval fund "Dividend Stocks and Corporate Bonds" managed by "Region asset Management" was developed within a joined project between RTS Stock Exchange and "Region" group. The main task of the project is to develop infrastructure favorable to exchange-traded funds, and development technologies for attracting new investors.
The project to organize trading of mutual fund units on the RTS stipulates two stages. From the very beginning, right after the fund was formed, "Region" investment company allowed investors to buy units at the originally set price - 1,000 rubles. Afterwards, the company maintained liquidity by supporting two-sided quotes in the RTS. On the second stage of the project, each time an interval opens, RTS will accept orders to buy at the prices equal to NAV, to attract new assets to the fund.
Today, March 14th, 2003, is the last day when "Region Asset Management" was accepting orders to buy and sell units of the fund. Interested buyers were able to place a "buy" order at prices equal to NAV. Orders were sent through "Region" investment company. As of 4 pm, 2, 05 million rubles were raised, when 4 trades of the "Dividend Stocks and Corporate Bonds" , RTS code - RGAVSBI, were executed.
Secondary trading of mutual fund units, first introduced on the RTS Stock Exchange on February 03, 2003, at prices that may differ from the calculated NAV, is still available. Since the day of IPO units of the "Dividend Stocks and Corporate Bonds" fund traded 14 times, with total turnover of 5, 8 million rubles.
Rules of the interval mutual investment fund "Dividend Stocks and Corporate Bonds" managed by "Region Asset Management" Investment Company were registered by Federal Commission on Securities Market of Russia on December 24th, 2002. The fund splits its investment assets between corporate bonds, and ordinary and preferred shares of Russian companies expected to yield high dividends.
