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Interview with Roman Goryunov

Roman Goryunov, the newly appointed Chairman of the “Russian Trading System” Stock Exchange commented for Russia Today on the future plans and perspectives of the RTS.

Russia Today: Let’s say I am an investor, for instance. How if this law on the central depository establishment goes through, how is it likely to affect me?

Roman Goryunov: From the point of view of an investor you will have more reliable infrastructure which will cut the expenditure costs of working on the market because the participants on the market will have to have a single settlement system, thus slashing the expenses of the investors on the market. The infrastructure risks of the Russian market will decrease and investors will have more faith in the infrastructure of the Russian market and will conduct more deals through it.

RT: You are talking about a single settlement system. What is stopping you going the whole way and actually merging with MICEX? A proper merger – all out?

R.G.: Actually the joint settlement system is not the same thing as a merger of stock market platforms. Despite the global merger trend, stock exchanges included RTS and MICEX, have their own segments of the market, their own clients and instruments. That is why current competition helps to develop the technology and market instruments and thus the development of the Russian financial market. This question should not be excluded, though.

RT: Nonetheless you have got competitors coming into the Russian market like  Deutsche Boerse opening an office in Moscow to steal business from you and Micex. How much of a threat is that to you?

R.G.: No doubt the Russian market now is under the conditions of global competition, and the factors you have just mentioned are indeed serious threats and challenges, I would say. If we really want to be the centre of regional financial markets, we must ensure competitive capability of the Russian infrastructure facing the global players, and create the conditions that liquidity should be right here.

RT: But if you going to ensure that, why shift your focus to the likes of Ukraine? Why go overseas and divert your attention from the core business, the core RTS business here in Moscow?

R.G.: These processes are actually linked and the technology and those conditions which have been created now in Russia, can be applied in the Ukrainian market as well to create liquidity of the Ukrainian market. We shall be promoting liquidity of the Ukrainian market using our technology. We consider that the resource and opportunities of RTS could be very well put to use. This will also promote the development of the Russian market as well.

RT: So, are you really focusing primarily on Moscow and competition with MICEX and solidifying here, or are you focusing abroad?

R.G.: The truth is that it is only natural that the main emphasis is on the Russian financial market. And I want to mention that it is not a competition with MICEX, it is a competition with the global financial markets . We have common objectives with our MICEX colleagues concerning this issue but no doubt if we, as a Russian infrastructure, want to have ambitious objectives, we must also look at other markets as well, but not from the point of view of their acquisition, but spreading our technology and promoting the development of markets, not only in Russia, but in other countries as well.