Micex acquires Urals Regional Currency Exchange
11 December 2007 | 688 views | 0
Implementing the MICEX Group's regional development strategy, the MICEX has acquired 100% stake in the Urals Regional Currency Exchange (URCEX), thus becoming the only shareholder in this regional exchange.
On 5 December it was decided to amend the charter of the URCEX and turn it into the Regional Exchange Center "MICEX - Urals."
According to the MICEX President Alexander Potemkin, the acquisition of 100% of the shares in URCEX is another measure taken by the MICEX to develop a national network of regional branches and strengthen the MICEX Group's positions in Russia's provinces. The Regional Exchange Center will continue to cooperate with the financial community of the Urals Region.
Regional Exchange Center "MICEX - Urals" is the fourth regional subsidiary exchange recently rebranded by the MICEX. This year regional exchange centers were established in Rostov-on-Don ("MICEX-South"), Vladivostok ('MICEX-Far East'), Nizhny Novgorod ("MICEX - the Volga Region").
The main goals of the regional subsidiaries of the MICEX is transition from the model of regional currency exchanges representing the MICEX in selected areas of business to the model of full-fledged front office of the MICEX Group in corresponding Federal districts. Regional exchange centers emphasize interaction with regional issuers, participants in trading and investors, promote the entire range of financial instruments and services developed by the MICEX Group and conduct educational and training programs with the participation of the MICEX Group.