Moscow’s two largest exchanges on Wednseday agreed to merge as part of a tie-up aimed at turning the Russian capital into an international financial centre by 2020.
The deal is valued at $5bn, with shareholders in Micex, the larger of the two exchanges, owning 75 per cent of the new combined group and RTS shareholders holding 25 per cent.
Is this really going to turn Moscow into a Financial Centre? It seems to me that confidence in Russia as a place to do business has dropped to a five year low. Are overseas companies going to see this latest development as reassurance that doing business in Russia is safe? I’m not so sure.
