Russia’s Federal Financial Markets Service has registered the report on the additional issue of common shares in the MICEX. The goal of the additional issue of shares was to exchange them for shares in the MICEX Stock Exchange. The MICEX now holds almost 100% (99.998%) of shares in the MICEX SE. Thus, the MICEX Group has completed conversion to a single share.
At an extraordinary meeting, held on March 10, 2011, the MICEX shareholders decided to increase the authorized capital by placing additional common shares in exchange for shares in the MICEXStock Exchange. As a result of the additional issue, the authorized capital of the MICEX increased by 28.77%.
Conversion to a single share was a step-by-step process. In 2009, having purchased the portfolio of the National Clearing Centre, the MICEX became 100% shareholder of the NDC. In August 2009, Non-Profit Partnership The National Depository Center was transformed into a joint-stock company, which was a prerequisite for the subsequent merger into a unified unit within the MICEXGroup providing settlement of securities and money. Then, in November 2010, the NDC joined theMICEX Settlement House, which resulted in the creation of Russia’s first settlement depository, the National Settlement Depository. In the course of this corporate procedure, the MICEX increased its stake in the National Settlement Depository to 99.961%.
According to the MICEX President Ruben Aganbegyan, “with the completion of the consolidation of ownership of the MICEX Stock Exchange we have fulfilled the task of converting to a single share. This task was set by the MICEX Group’s shareholders in 2009 in the framework of the MICEXGroup’s Development Strategy for 2009–2011.”
Background information:
The MICEX Group is an integrated exchange that provides services related to electronic trading, clearing, settlements as well as depository and information services on the basis of a single technological platform.
The Group is comprised of the MICEX, the MICEX Stock Exchange, the National Mercantile Exchange, the National Settlement Depository, commercial bank National Clearing Centre, The MICEX – Information Technologies Company, the Ukrainian PFTS Stock Exchange, regional exchange and settlement centers. The Group serves over 1700 participants in the on-exchange market – leading Russian banks and broker companies from Moscow and other large financial and industrial centers of Russia.
At present, the MICEX Group operates a number of key financial markets: the foreign exchange market, the federal bonds market, the share market, the market for corporate and regional bonds, the derivatives market and the commodity market.