The Moscow Exchange takes a closer look on free-float and market value
The Moscow Exchange (MOEX) amended the requirements for the listing procedure of securities to include the number of issued shares free-float and the market value of shares to determine its inclusion or exclusion on the respective quotation list. The new listing rules entered into force on 28 December 2016.
There are three MOEX quotation lists according to the MOEX Listing Rules: Level 1 (top), Level 2, and Level 3. The issuer shall comply with the listing requirements of the particular level pertaining to the number of issued shares free-float, the quality of corporate governance and other criteria.
In accordance with updated listing rules the main amendments are as follows:
- For inclusion to Level 1 from Level 2 the number of issued shares free-float shall not be less than 4%;
- For inclusion to Level 2 (when transferring from Level 3 to Level 2) the number of issued shares free-float shall be 10% and the market value of shares shall not be less than RUB 1 billion;
- For inclusion to Level 3 from Level 2 the reduction of the number of issued shares free-float shall be less than 4% for six consecutive months.
Yuliya Shibukova
Relationship Manager