Market developments in the Russian capital market

AO UniCredit Bank
Fri, 17/12/2021

CBR cancels restrictions on the issuance of depository receipts for Russian stocks                                                                                                                                                                                      

The Central Bank of Russia (CBR) has announced the cancellation of the limits on the portion of shares of Russian issuers that can be placed and publicly traded outside the country. Previously, depository receipts could be issued for only 25% of securities from one issue, and no more than 50% of offered shares could be placed in the form of depository receipts.Now Russian issuers will be able to place any number of their stocks both on the foreign and on the Russian markets. The development is expected to stimulate Russian issuers to enter the international capital markets. The new rules will become effective on November 28, 2021.

Moscow Stock Exchange service enhancements

The Moscow Stock Exchange (MOEX) has announced several notable updates of its services:

•    the Moscow Stock Exchange expects to accept the stocks of 80 international companies to trading on December 1, 2021. As a result, the number of shares and depository receipts of foreign issuers available for trading on MOEX will reach 521.
•    The National Clearing Centre (NCC, part of Moscow Exchange Group) accepts stocks of international companies as collateral for trades made on the Moscow Exchange markets from September 27, 2021. The update is supposed to facilitate trading activity of professional market participants and their clients. Eighteen (18) international stocks are accepted as collateral to date. MOEX expects this list to be expanded in the future.
•    Starting from December 6, 2021, trading on the Moscow Exchange's Equity Market will commence at 6:50 am and close at 11:50 pm Moscow time. Stocks from the MOEX Russia Index (IMOEX), as well as the most liquid foreign shares and depositary receipts will be available for pre-market trading.