Russia's main stock exchange groups, MICEX and RTS, have secured approval from the country's Federal Antimonopoly Service for their planned merger, allowing the two firms to start the integration process.
The two markets will now seek to combine into one legal entity by December and subsequently begin the process of integrating staff and technology platforms.
“The merger of Russia's two major exchanges has entered its final stage,” acknowledged MICEX president Ruben Aganbegyan. “We will be a united, strong, customer-oriented trading floor that is able meet the current challenges of the globalised world.”
“We have already begun to work as a unified team, including the analysis and the joint assessment of markets, products and services. Before long, the results of our work will be submitted to market participants for consideration and discussion. Our plan is to build an exchange that will be sought-for and convenient for clients”, added Roman Goryunov, CEO, RTS.
Although approval by the Russian competition authority was widely expected, given the government support for the deal as part of its plan to turn Moscow into an international financial centre, MICEX and RTS have now progressed further than any other attempted stock exchange merger this year.
European competition authorities are currently examining a proposed tie-up between Deutsche Börse and NYSE Euronext and are due to report back by the end of the year, while national interest scuppered deals between the Australian Securities Exchange and the Singapore Exchange, as well as the London Stock Exchange Group and Canada's TMX Group. The UK's Competition Commission is also examining the takeover of pan-European multilateral trading facility Chi-X Europe by US market operator BATS Global Markets.