Moscow Interbank Currency Exchange And London Stock Exchange sign co-operation pact
21 January 2004 | 518 views | 0
The Moscow Interbank Currency Exchange (MICEX) and the London Stock Exchange today signed a Memorandum of Co-operation that commits the two organisations to work together for their mutual benefit.
The Memorandum is aimed at fostering a continuing relationship between the two exchanges in order to benefit the financial services industries in the United Kingdom and Russia, and to help maintain orderly securities markets in each country.
The Memorandum enables information exchange on the status of cross-listed securities, which are traded on both the LSE’s International Equity Market (including SEAQ International and the International Order Book) and are listed on the MICEX. Parties undertake to inform each other about cross-listed securities’ suspension from trading, the reasons behind any suspension, and of significant price movements.
In addition, the Memorandum allows for the exchange of information and personnel between the two organisations to enhance understanding of each other’s markets.
Chris Gibson-Smith, Chairman of the London Stock Exchange, said: "I am delighted to sign this Memorandum of Co-operation, It represents not only a strengthening of ties between our exchanges but it reflects the increasingly important business relationship between the UK and Russia."
"We are proud of the strong relationship we have developed between our two organisations. We were pleased to welcome representatives from the MICEX to London last year and representatives of the London Stock Exchange have visited Moscow on several occasions."
Mr. Alexander Potemkin, General Director & CEO of the MICEX said: "The signing of this Memorandum underlines the international recognition of MICEX as the leading Russian trading floor. It also shows that it is acting in accordance with international standards of listing and the disclosure of information on securities and issuers to investors."
"The fulfillment of the agreements stated in the Memorandum will enhance the transparency of the Russian stock market for foreign investors."