Global Capital Markets

The Moscow Stock Exchange (MSE) has
announced the imminent resumption of trade at its
stock section. By the time the section's operation
was suspended more than a year ago, the market of
Gazprom shares, which sustained the MSE, had
moved to the joint site of the RTS Stock Exchange
and the St. Petersburg Exchange. At first the MSE
will mostly sell the shares of AFK Sistema and MTS,
simply because Vladimir Yevtushenkov, the president
and main shareholder of Sistema, is also the
chairman of the MSE board. The MSE will face stiff
competition from the other Russian exchanges, as
MTS shares are actively traded at MICEX and the
RTS Stock Exchange. The latter also sells Sistema
shares. So, many players on the Russian market do
not share the MSE's optimism. FCNovosti