Cbank in talks with foreign bourses to trade Russian shares

MOSCOW, Apr 13 (PRIME) -- The central bank is in negotiations with foreign stock exchanges to persuade them to start trading shares of Russian companies instead of depositary receipts, First Deputy Chairman Sergei Shvetsov said at a forum late Tuesday.

“We have begun negotiations with foreign bourses where depositary receipts circulate so they start to consider switching to share trade,” Shvetsov said.

CEO of the Moscow Exchange Alexander Afanasyev said that depositary receipts helped Russian companies get popularity but now they are “diluting the already low liquidity of Russian shares.” He also said that a double listing is costly and even risky for Russian companies.

The share of the Moscow Exchange in the circulation of shares with a double listing exceeded 60% as of of the end of March.

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