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RTS Stock Exchange and London Stock Exchange sign memorandum of cooperation

23 January 2004  |  559 views  |  0

The RTS Stock Exchange and the London Stock Exchange today signed a Memorandum of Co-operation committing the two organisations to work together for their mutual benefit.

The Memorandum provides a mechanism for fostering a continuing relationship between the two exchanges for the respective benefit of the financial services industries in the United Kingdom and Russia, and to assist in maintenance of orderly securities markets in each country.

The Memorandum facilitates information exchange on the status of cross-listed securities, which are both admitted to trading on LSE's International Equity Market (including SEAQ International and The International Order Book) and are listed on the RTS Stock Exchange. Parties undertake to inform each other about the 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 for a period of time between the two organisations to enhance the 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, through which we look forward to building a closer relationship with the RTS Stock Exchange in the future."

"At the London Stock Exchange, developing relationships with Russian companies and exchanges has been a top priority for a number of years. Representatives from both our exchanges have met here in Moscow and in London on several occasions, to lay the foundations for the strong relationship between us that exists today."

Mr Vladislav Streltsov, President of the RTS Stock Exchange, said: "Cooperation between LSE and the RTS Stock Exchange will provide Russian and foreign investors with up-to-date information about cross-listed securities."

"We believe signing of this document will help integrate the Russian securities market into world financial markets."

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