20 Nov 2009 13:58

Sistema's Yevtushenkov to chair Moscow Stock Exchange board

MOSCOW. Nov 20 (Interfax) - The board of directors at OJSC Moscow Stock Exchange has elected Vladimir Yevtushenkov, the chairman of the board of directors at the Sistema holding, as its own chairman, the exchange said in a statement.

Alexei Ryzhikov was elected president of the exchange.

In addition, the board approved the results of a share issue to facilitate the exchange's transformation from a non-commercial partnership into an OJSC.

The Federal Financial Markets Service (FFMS) on November 12 suspended the Moscow Stock Exchange Noncommercial Partnership's license for numerous breaches of Russian law, including FFMS regulations. Some of its members did not hold professional securities market participant licenses for brokerage, dealing or other securities-related activity.

The exchange had fewer than 75 professional participants admitted to full cover trading within six months of its license being issued and its register of participants did not contain complete information.

The exchange said the regulator had notified it on Thursday that the license would be suspended until January 12, 2010 and that it had until January 18 to rectify the violations.