By Andrei Skvarsky
MICEX this week launched a process expected to resuscitate a plan to set up a central national depository that has been in limbo for several years.
The annual shareholders’ meeting of one of Eastern Europe’s biggest stock exchanges voted for merging the MICEX Clearing Chamber with the National Depository Centre, a company controlled by the exchange, Russian business newspaper RBC Daily said. The new company will bear the name National Clearing Depository.
The move comes less than a month after Konstantin Korishchenko was replaced as MICEX president by Ruben Aganbegyan, a former president of Moscow-based investment bank Renaissance Capital and son of Abel Aganbegyan, who was one of Mikhail Gorbachev’s chief economic advisers and a key figure in perestroika.
The plan to set up a central depository has the support of the financial markets regulator, the Federal Financial Markets Service (FSFR). A while ago the latter suggested a depository deal between RTS and MICEX but neither side appeared to be inspired with the idea.
