After the Moscow stock exchange, which announced the launch in August, trading in foreign securities, first of them specializing in Saint Petersburg stock exchange promises to begin trading in Russian stocks. To help the latter may be adopted in the end of 2019, the law on best execution of client’s order. Because it concerns not only prices, but the exchange Commission. However, the Moscow stock exchange is not going to concede this market.Saint Petersburg stock exchange, which is now traded foreign securities for hard currency, is considering the launch of trading in Russian stocks, according to sources “Kommersant” in the stock market. The exchange has already held meetings with key brokers. According to one of them, do pricing “significantly lower” than the Moscow exchange, the transaction will be executed on the conditions of best execution (best execution of orders) even at the same price shares. If the brokers support the project, the exchange may commence trading in the autumn. Another broker said that the shares are likely to trade in rubles, and in the future it is planned to launch and the futures market. According to sources, “Kommersant”, the most active brokers, the exchange promises a call option on their shares. The exchange declined to comment.The law on the conditions of best execution was adopted at the end of last year. For him, “taken over the instruction of the client the broker is obliged to execute in good faith and on the most favorable terms for the client in accordance with his instructions.” In the absence of such instructions, the broker takes the order with regard to all the circumstances, in particular, transaction price, costs of transaction and fulfillment of obligations.The broker must provide the client with information about the conditions for buying and selling shares on both exchanges, and the best can be not only the price but and tariffs. More clearly the interaction between the client and the broker should be spelled out in the basic standard. The head of NAUFOR Alexey Timofeev said that the standard is in development.Interlocutors “” consider the idea of the Saint-Petersburg exchange’s response to plans of the Moscow exchange trade foreign shares (see “Kommersant” of 9 July). According to one of them, when Roman Goryunov (now President of the Association of NP RTS shareholder of the St. Petersburg exchange) team went to Moscow exchange agreement was concluded that they are not doing competing projects. One of the interlocutors “Kommersant” clarified agreement “conceptual” and after the announcement of Moscow exchange on the beginning of trading in foreign shares has lost power.Managing Director of communications, Moscow exchange, Andrey Braginsky said that any Russian stock exchange can trading Russian securities, restrictive agreements “is an urban legend”. According to him, on the Moscow stock exchange does not expect that the initiatives of the Saint Petersburg exchange “to any withsignificant impact on its liquidity”. The exchange is constantly updating the infrastructure and the programs of liquidity to provide clients with the best execution prices assured Mr. Braginsky. In securities (market regulator and co-owner of the Moscow exchange) on request “b” did not answer.I like passive investing: to twitch, to maintain sobriety of mind and not to respond to the factors that prohodyaschej competition of stock exchanges in Russia will contribute to the emergence of new products, potential reduction in tariffs, i.e. to improve conditions for investors, says President of Finam Vladislav Kochetkov. He noted that the Moscow exchange as a monopolist not particularly anxious to consider the interests of bidders, turning into a kind of “Ministry exchange”. You can talk about the expert added that in Russia, gradually the conditions for the implementation of best execution practices, about which so much is said of the Central Bank.Polina Smorodskaya
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