Moscow Exchange could merge with MICEX by early 2017
MOSCOW. July 14 (Interfax) - The Moscow Exchange could merge with two subsidiaries, including the MICEX Stock Exchange, by the beginning of next year.
Moscow Exchange said in a statement that its directors planned on July 21 to discuss the exchange's reorganization by merging with CJSC MICEX Stock Exchange and LLC ME Technologies.
The board will also discuss the price at which shares will be purchased from the holders of voting shares with the right to demand the repurchases of some or all of their shares in the framework of the reorganization.
CJSC MICEX organizes trading on the Moscow Exchange group's securities market for bonds, shares and fund units.
Yevgeny Fetisov, the Moscow Exchange's CFO, told reporters management had suggested the reorganization in order to optimize the group's corporate structure, streamline relations with clients and reduce the levels of management and the corresponding costs.
"If the shareholders approve the reorganization, we plan to conclude all necessary corporate procedures before the beginning of next year. The change in the corporate structure will not require any further action on the part of the exchange's clients and issuers," Fetisov said.