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St. Petersburg Exchange to Rival Moscow RTS-Micex Technology

A Russian partnership has agreed to buy a controlling stake in the St. Petersburg stock exchange to create a rival for the Moscow-based Micex-RTS exchange.

The acquisition is expected to be completed next year, according to Sergey Vasilyev, a member of the board of directors of NP RTS, the non-commercial partnership that is executing the deal, and president of the Russian Funds investment group. NP RTS already owns 20 percent of the exchange, Vasilyev said.

“We realize that it doesn’t make sense to compete with the Micex-RTS for liquidity and products the exchange has a monopoly in,” Vasilyev said by phone. “We plan to focus on developing those products and technologies that are absent or poorly represented on the exchange.”

The Micex-RTS currently settles trades on the day of the transaction, so-called T+0, and wants to move to either allowing two days for settlement of transactions, like Deutsche Boerse AG or to three days, like U.S. exchanges, the Micex-RTS President Ruben Aganbegyan said in an April 17 interview.

The Micex-RTS exchange, which plans to debut a central securities depositary in July, is expected to remain the main clearing and deposit center, Vasilyev said by phone. The majority of the St. Petersburg exchange staff will be in Moscow, Vasilyev said.

Lev Bystrov, a press representative at the Micex-RTS, declined to comment when reached by phone.

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