MICEX to set up stock subsidiary

The MICEX Council has decided to set up a subsidiary to be called MICEX Stock Exchange, MICEX General Director Alexander Potyomkin reported. The subsidiary will receive a stock exchange license before the end of 2003, and its charter along with registration documents will be ready before November 11, 2003.

New regulations on the law "On the Securities Market" that will come into force on January 1, 2004 granting the right to trade some securities, such as mortgage securities, only to organizations with a stock exchange license. Currently, MICEX has a license to organize trading sessions.

According to the MICEX General Director, the share capital of the subsidiary will be 100m ruble (about $3.34m), and existing MICEX shareholders, excluding the Central Bank, would have a chance to participate in the subsidiary's share capital.