Just days after it was announced the merger of Russian exchanges MICEX and RTS would be postponed, shareholders of the two groups voted to back the deal, signaling one step closer toward finalizing the merger.
The merger is expected to be completed in late 2011 or 2012, with an IPO scheduled to occur before Jan. 30, 2013, according to UniCredit. MICEX, as the merged exchanges will be called, has committed to raise at least $300 million in the IPO. The Central Bank of Russia, which along with other state entities is one of the largest shareholders in the exchange, has said it may cut its stake in the exchange during the IPO.
Meanwhile, the National Settlement Depository, which along with the MICEX-RTS merger will merge with the MICEX Settlement House, announced it had closed several branches across Russia and will transfer some of its operations to MICEX branches. Closed branches include those in Urals, Rostov, Primorsky, Nizhny Novgorod, Siberia and Samara.
NSD has also appointed Alexander Sarchev as the deputy chairman of its executive board. Sarchev will supervise issues related to cash settlements with contractors, depository and clearing operations, methodology, development and business continuity.
The exchange merger has at least one vocal critic, a group called EuroFinance Capital that holds a 6.2% stake in the current MICEX, which voted against the merger. It has also asked the central bank to block the merger.
(CG)