The crisis has forced the Central Bank to reverse the decision to withdraw from the Moscow Stock Exchange – RBC

Photo: Yekaterina Kuzmina / RBC

The decision of the Bank of Russia must withdraw from the capital of the Moscow stock exchange, it was decided at the end of 2010. Then the combined area did not yet exist: two exchanges – MICEX and RTS – were in the process of merging. In 2013, the obligation to withdraw from the capital of the joint trading platform to January 1, 2016 was enshrined in the law “On the mega-regulator of financial markets.” The sale of shares trading platform was to eliminate the conflict of interest when the Bank owns shares in companies whose activities are regulated.

The need to leave the capital stock exchange this year is not, said on Thursday, April 2, CB Head Nabiullina at Moscow exchange forum. According to her, the decision to withdraw the Central Bank adopted a “long and based on the fact that there was no benefit on the infrastructures – then there were a few areas.” According to her, after joining RTS MICEX “initial prerequisites to avoid anti-competitive intervention gone».

The main reason for the fact that the Central Bank should remain in the capital of the Moscow stock exchange, representatives of the Central Bank called the financial crisis. Experience 2014 showed the importance of close and precise interaction Exchange and the Bank of Russia, said Elvira. “In today’s challenging financial market conditions, the presence of the Central Bank shareholders Exchange adds confidence to investors and users’ Moscow stock exchange” that all will be as positive as developed before, “- said later the first deputy chairman Sergei Shvetsov.

In 2014, the Bank of Russia sold a 11.75% stake in exchange for 16 billion rubles. Now the Central Bank remained 10.75% of the shares. According Shvetsov, “there is a consensus that the central bank does not need to continue their way out” of the capital stock exchange. The largest shareholders of the Moscow stock exchange are also Sberbank (9.9%), EBV (8.4%), EBRD (6.1%), China Chengdong Investment Corp. (5.6%) and the Russian Direct Investment Fund (5,3%).

Bank has already sent its proposals to the Ministry of Finance, stated in the press service of the regulator. The press service of the Ministry of Finance told RBC that they agree to the proposals of the Bank of Russia and that the draft law will soon be posted on the site office.

Representatives of the Moscow Stock Exchange and market participants say that happy about this decision of the Central Bank. Saving the share capital of the Central Bank in exchange – a guarantee of continued reform of the domestic financial market infrastructure and systems of corporate governance in Russia, said RBC Chairman of the Board of the Moscow stock exchange, Alexander Afanasyev. He recalled that the share exchange of shares outstanding in the market exceeds 50%.

The market reacted to the news growth of quotations – the day of the Moscow stock exchange rose by 7.44% to 75.5 rubles. Presence on the stock exchange of the Central Bank as a shareholder increases its credit rating, so market participants reacted positively to the news, says the head of the dealing center Metallinvestbank Sergey Romanchuk.

A conflict of interest that is saved, if the Central Bank does not leave the capital stock exchange, in this situation plays into the hands of market participants, said Romanchuk. “Now the market is in crisis: there are systemic risks and the risk of default on credit limits between the parties. Moscow stock exchange is a central counterparty, and in this situation it is very important reliability. There is a conflict of interests makes the Central Bank has a closer look at the state of the stock exchange and more about her care, “- he said.

The presence of the Central Bank in the capital stock exchange – is an additional guarantee of reliability and stability, says the chairman of the supervisory board of GK” ALOR ” Anatoly Gavrilenko. “I – Exchange shareholders. For me, the presence of the Central Bank in the capital stock exchange – is the belief that it is nothing bad will happen, “- he said, adding that the remaining shareholders of the Exchange, the Bank of Russia retains the ability to influence decision-making.

Back to the issue of withdrawal of the Central Bank of the capital stock exchange will be right when the market recovers – sanctions are lifted and open foreign markets, says Romanchuk.