The memorandum creates the basis for closer co-operation between the two exchanges, which will encompass, among others, exchange of information and experience concerning product offer of the Exchanges, the functioning of the two markets and their promotion. In the future, the co-operation shall foster development of the two markets and improve their competitiveness internationally.
The memorandum was signed by:
Alexander Zakharov, CEO of MICEX,
Wieslaw Rozlucki, President and CEO of the Warsaw Stock Exchange (WSE)
Partners of co-operation
Warsaw Stock Exchange (WSE), the only stock exchange operating in Poland was created in 1991. Currently the Exchange lists shares of 215 companies with the capitalisation of Euro 26 billion. Turnover on the equity market in 2002 amounted to Euro 8.2 billion (single-counted). Apart from shares, the Exchange product range includes bonds - mainly Treasury ones, investment certificates, warrants and futures contracts.
Moscow Interbank Currency Exchange (MICEX) was created in 1992. It has served as a basis for the nation-wide system of trading in currency, equity, bond and derivative markets of Russia. The Exchange lists shares of 150 companies with the capitalisation of Euro 80 billion. The value of trading on the equity market in 2002 totalled Euro 47 billion (single-counted). MICEX is the leading exchange in Russia with 88% share in terms of trading value. About 1500 banks and investment companies located in Moscow and other major financial centers are linked with MICEX through remote working terminals.
"Both WSE and MICEX face a difficult task - the need to successfully face the competition. This memorandum falls within the WSE strategy of co-operation with the neighbouring markets. MICEX may offer us experience in servicing remote membership. Allowing for remote access to the Polish market is one of the projects the Exchange is currently working on. The WSE may share experience concerning futures contracts. The memorandum signed today will be of benefit to both markets" - said Wieslaw Rozlucki, WSE President.
According to MICEX CEO Alexandr Zakharov, signing a memorandum with WSE fully agrees with MICEX's long-term program of expanding cooperation with CIS and East European exchanges. Mr. A.Zakharov stressed that to broaden economic relations between the two countries and attract more investments in the industry, Russia and Poland should develop interaction between their securities markets.
