FAS does not know how to relate to merge the MICEX and RTS

Federal Antimonopoly Service (FAS) has not formally developed a position on the union's RTS and MICEX. Service has not yet received the documents on this deal, and talk about our position – is premature, said Deputy Head of FAS Andrey Kashevarov. Sources in the department have expressed doubts about the usefulness of deprivation of market alternatives. For the Anti-Monopoly Service is to become the first experience of consideration of the petition to merge the two exchanges – as long as it endorses only business combination within the MICEX Group. Solution can be anything – it will be developed through analysis of the situation prevailing in the deal MICEX RTS, and to investigate its worth, according to officials close to the regulator. In addition, market analysis services to provide services to exchange trade, FAS has not yet spent, he adds. Parity that now exists in this market must be preserved, market participants have the right to choose, and that the scheme is now being proposed – has no alternative, and is unlikely to be as effective as it wants to see, said another official close to the leadership of the FAS. In early February, the MICEX signed an agreement of intent with a group of shareholders of the RTS, to which may become the controlling owner of Russia's oldest exchange. Binding documents should be signed already in the middle of this month. "We assume in the second half of April to sign all documents, then almost immediately the deal is closed, said in early February, the first deputy chairman of the Central (the main shareholder MICEX) Alexei Ulyukayev. However, due to a dispute within the RTS on the fate of assets belonging to the NP RTS signing was postponed. Preliminary approval of the transaction must be the case if the combined assets of the merging exceeded 7 billion rubles. According to reports at the end of 2010 the assets of the MICEX amounted to 28.2 billion rubles. Assets Rs September 30, 2010 – 2.4 billion rubles. The market share occupied by the MICEX – more than 70% of transactions with Russian securities (including depositary receipts). In the case of association with PTC combined share of the new ground in the market of organized trade will amount to about 99% and 30-40% in the overall total volume of transactions, said the president "Finam" Vladislav Kochetkov. Joint Stock Exchange takes almost the entire Russian stock market, I agree, CEO of ZERICH Alexander Shcheglov. The representative of the MICEX has promised to comment later. See the exchange rate