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8 Dec, 2008 04:40

RTS looks at 24 Hour trading

The head of Russia's benchmark stock exchange, RTS, has told Business RT they could go 24 hours next year. The news comes after evening trading sessions have become a hit with private investors.

Despite the RTS and MICEX continuing their 6-month slide, trade volume's up 20%, and rising. 6pm and 9pm have become peak times in the new evening openings. Russian stock markets now plan 24-hour trading from next year, if traders want it, according to RTS CEO, Andrey Salashchenko.

“In case they say ok we'll say ok, it's good for us.”

The other trading boom is in Russian rating agencies. Western rivals' reputations have been hit by their failure to flag toxic mortgages which sparked the crisis. Russia missed that phenomenon, and now the Kremlin's pledged billions of dollars to struggling obscure banks, Pavel Samiev, Deputy CEO at Expert Rating Agency says it needs to know who can repay.

“Business has rocketed. There's around 800 unrated banks in Russia, and the state's giving them loans based on our ratings.”

Expert Rating Agency, Russia's biggest, admits that since their industry has no rules of procedure, the government takes a big risk trusting them.
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