Number of companies disclosing information via authorized agencies reaches 10,000
The number of Russian companies disclosing information about their key events via authorized agencies has reached 10,000, according to estimates by Interfax, one of the authorized agencies of the Russian Federal Service for Financial Markets (FSFR).
In October 2003, corporate news began to take hours rather than days or weeks to reach Russian stock market participants, due to the operation of the disclosure system. The system seriously reduced the risk of insider trading, Russian Deputy Prime Minister Alexander Zhukov said.
“The system of disclosure of information on major events in corporate activities has taken root in Russia. It is based on the infrastructure of independent news agencies, but is strictly regulated by the FSFR and represents a free-of-charge service for investors,” the head of the Interfax Information Disclosure Group Dmitry Olenkov said.
“In terms of structure, it is very similar to the disclosure system in the United Kingdom, which has become the most popular foreign stock market for Russian companies. The Russian system also fully conforms to the European Union transparency principles, which have taken effect in 2007,” he said.
Russian companies that put their securities on the market and disclose their information via the newswires of authorized agencies released 58,500 reports in 2006 or 32% more than in 2005. The total number of companies disclosing their information grew by nearly one quarter, and two thirds of them preferred to send their news to Interfax.
Interfax has been an authorized agency since 2001. All news on major events that is submitted to Interfax is accessible without any restriction on the disclosure website www.e-disclosure.ru and is transmitted to the MICEX and RTS trading floors and to Internet brokerage systems.
Interfax’ disclosure system (www.e-disclosure.ru) has won the Financial Olympus international award and has received a citation from the National Association of Securities Market Participants (NAUFOR), Russia.