The signing of the Memorandum is aimed at promoting long-term relations between the two exchanges, aimed at developing the industry of financial services in EU and Russia. The two exchanges intend to create and disseminate new indexes of securities markets.
Cooperation between the MICEX and the WBAG envisages extensive exchange of information on the status (corporate activities, the suspension of trading in certain stocks) and market data (trading, volumes, etc.) of appropriate securities, traded on the MICEX. In particular, the MICEX and the WBAG have declared their intention to cooperate in developing, calculating and providing indexes. Other areas of cooperation include managing, disseminating and selling indexes and index-based products.
Cooperation between the two exchanges will start with the development of a new stock index MICEX-RTX, which is calculated in the real-time-mode and disseminated for professional participants of securities market.
Dr. Erich Obersteiner, joint CEO of the Vienna Stock Exchange, has said: "I am very pleased to sign this Memorandum, through which we look forward to building a closer relationship with the Moscow Interbank Currency Exchange. The Central European Region and Russia have become a source of sustainable growth for Western Europe. The Vienna Exchange has started as early as 1997 to cover the region with a set of tailor-made indices. The cooperation with MICEX in the area of indices and index products will add a lot of value to our joint projects".
According to Alexander Potemkin, the MICEX CEO, the signing of the Memorandum is the next step leading to enhancing of information transparency of the Russian stock market for international investors and, first of all, European. We hope, that cooperation with our old partner -the Vienna Exchange in the field of creation of a joint product - contributes significantly to an index policy of the Moscow Interbank Currency Exchange.