Russia to allow secondary trading of state securities on all exchanges in 2010
MOSCOW. June 16 (Interfax) - The Russian Finance Ministry and Central Bank will allow the secondary trading of state securities on all the country's stock exchanges starting from January 1, 2010, Larisa Selyutina of the Central Bank's financial market operations department said at a conference on the securities market on Tuesday.
"The Central Bank's proposal, which has been endorsed by the Finance Ministry, is a gradual liberalization of the federal securities market. The Finance Ministry and Central Bank are planning to allow the secondary trading of federal securities on any stock exchange starting from January 1, 2010," she said. At present, the initial and secondary trading of state securities is only held on the MICEX exchange.
The necessary changes to legislation and Central Bank policies are being made to facilitate the trading of state securities on all stock exchanges, she said. The Finance Ministry and Central Bank hope that such liberalization will contribute to the development of the state securities market, raise liquidity and expand the circle of investors working on the market, she said.