OREANDA-NEWS. September 23, 2011. On September 22, 2011 a joint meeting of the Stock Market Committees of RTS and MICEX was held. The meeting participants discussed the proposed concept of the first phase of the integration of the stock markets of two exchanges and approved the following approach:

as from December 19, 2011 MICEX Stock Exchange CJSC will act as a single organizer of trading for all stock market trading modes of the united exchange. The trading rules of MICEX Stock Exchange will be modified to include provisions on executing trades in the new trading modes established on the basis of  the present RTS markets, RTS Standard and RTS Classica (in the non-anonymous mode with no CCP involvement), with keeping current settlement and technological infrastructure.  

December 1, 2011 will be the last day for executing CCP trades on RTS Classica. December 16, 2011 will the last day for executing trades on the RTS T+0 market.

A unified listing platform and a single market access to all trading modes of the integrated exchange for market participants will be established as a result of the stock markets integration.

A tariff model for the integrated stock market effective as from December 19, 2011 was presented at the meeting. The model implies that most of the fees and tariff principles are to be kept at the current level and duplicated fees such as membership fees are to be unified. The meeting participants generally approved this approach for developing tariffs of the integrated exchange.

Members of the Committees suggested establishing a working group on High-frequency trading in order to separate clients who employ HFT in a certain category and work out issues related to the HFT.

In addition, the meeting participants considered establishing links on interaction of the settlement organizations (National Settlement Depository, Depository Clearing Company, RTS Clearing Center, Bank National Clearing Centre and RTS Settlement Chamber), issues on statutory regulation and transferring of voting rights attached to securities traded on the exchange.