ID :
14390
Wed, 07/30/2008 - 13:36
Auther :
Shortlink :
https://oananews.org//node/14390
The shortlink copeid
Too early yet for Russian exchange marts to go international --
MOSCOW, July 30 (Itar-Tass) - It is too early yet for Russian exchange markets to seek membership of the International Federation of Stock Exchanges, says Vladimir Milovidov, the director of Russia's Federal Service for Financial Markets.
"They /exchanges/ must realize that as they try to go international, they should seek membership of the Federation for purposes other than their own competitiveness," Milovidov says in an interview published byRossiyskaya Gazeta daily.
"In the first place, they must seek advantages for the Russian financial market as a whole, while the situations where they act outside of Russia as competitors are damaging for themselves and for theircountry, too," he says.
The next twelve months will be a fair enough period of time for theRussian stock exchanges to acknowledge this fact, Milovidov indicates.
He explains that he means in the first place the Moscow Inter-Bank Currency Exchange /MICEX/ and the Russian Trade System /RTS/ that receivedthe status of affiliated members of the Federation last year.
Milovidov refutes mass media reports that the two stock exchanges willbe merged into a single trading floor in the short term.
"The case in hand is the setting up of a holding that would form the backbone of the financial system and would keep other trading floors under control and stimulate their development at the same time," he says Milovidov believes that the problem of consolidation of globalexchanges is an acute one these days.
For instance, he mentions the forthcoming mergers of the Chicago and New York mercantile exchanges, as well as the Cairo and Alexandria stockexchanges.
"The crux of the matter is what place Russia will take in that global process - the place of a potential object for a takeover or a full-fledgedmember that defends the interests of its national economy," Milodivov says.
"They /exchanges/ must realize that as they try to go international, they should seek membership of the Federation for purposes other than their own competitiveness," Milovidov says in an interview published byRossiyskaya Gazeta daily.
"In the first place, they must seek advantages for the Russian financial market as a whole, while the situations where they act outside of Russia as competitors are damaging for themselves and for theircountry, too," he says.
The next twelve months will be a fair enough period of time for theRussian stock exchanges to acknowledge this fact, Milovidov indicates.
He explains that he means in the first place the Moscow Inter-Bank Currency Exchange /MICEX/ and the Russian Trade System /RTS/ that receivedthe status of affiliated members of the Federation last year.
Milovidov refutes mass media reports that the two stock exchanges willbe merged into a single trading floor in the short term.
"The case in hand is the setting up of a holding that would form the backbone of the financial system and would keep other trading floors under control and stimulate their development at the same time," he says Milovidov believes that the problem of consolidation of globalexchanges is an acute one these days.
For instance, he mentions the forthcoming mergers of the Chicago and New York mercantile exchanges, as well as the Cairo and Alexandria stockexchanges.
"The crux of the matter is what place Russia will take in that global process - the place of a potential object for a takeover or a full-fledgedmember that defends the interests of its national economy," Milodivov says.
