MSE to create exchanges in Byelorussia, Kazakhstan and Ukraine

/INTERFAX, Cheboksary, June 20, 08/ - Moscow Stock Exchange (MSE) plans to create exchanges in Byelorussia, Kazakhstan and Ukraine, the president of MSE Aleksey Ryzhikov informed during round table session on the theme "Exchange market: present and future" within the frames of Cheboksarskiy Economic Forum on Friday. "We plan expanding of our presence in Byelorussia, Ukraine and Kazakhstan, i.e. creating exchanges. It should be common free trade zone, which trades with ruble but not national local currency. Though local trades with local currency will be created for them" - A. Ryzhikov said. He is also for development the practice of trade transactions with foreign partners in rubles. "We should pull commodity market in Russia and force foreign participants to trade for rubles, so that their money flow to Russia" - he said. "This is a normal situation from the viewpoint that we posses these resources. Why we should trade on New York or London Stock Exchanges, when we can do it here" - A. Ryzhkov said. According to A. Ryzhkov, we shouldn't blindly copy foreign models of exchange trade, in particular the model of futures trades. "What is happening now with oil is the shining example that we must not do it" - he underlined. "In critical situation, when there is collapse on the financial market, as it is happening with dollar, big players transfer dollar contracts to primary, arousing higher ask on this or that product, wanting this ask" - the president of MSE explained. "Agiotage has been aroused; oil prices are growing, but it incorrect because consumer can't grow in such volumes" - A. Ryzhkov noted. Due to this fact, Exchange's president considers that we should use foreign models"taking into account those mistakes that we have seen". Telling about future considerations of Moscow Stock Exchange, A. Ryzhkov noted that the range of goods, which is traded on exchange, is planned to develop. In particular, building materials, agricultural production, products of chemical industry, minerals and ferrous metals are will be included in it. According to A. Ryzhkov, branch indicators for determination of trading products` indexes are planned to set on the basis of actual prices. MSE was founded in March 1997. Total volume of transaction on MSE in 2006 exceeded RUB4 bn., for January-September 2007 - RUB38 bn. In the sector of commodity market of MSE in the division of "building materials", "products of chemical industry", "minerals", "ferrous metals" and "agricultural production" trades are more active. [2008-06-23]