Securities Listing
The MICEX Stock Exchange offers the issuer optimal conditions for admission of their securities to trading on an organized securities market.
Issue-grade securities may be admitted to trading at the MICEX SE in the course of their placement and\or circulation, as well as may be other securities, including investment units of investment funds and mortgage participation certificates in the course of their issue and circulation.
Admission of securities to trading at a trade organizer is effected by way of their inclusion on the List of Securities Admitted to Trading at ZAO MICEX SE.
Securities may be included into the List:
- without going through the listing procedure;
- via going through the listing procedure.
1) Securities that did not go through the listing procedure are included on the Non-Listed Securities Schedule. This is the simplest way of putting securities on the stock market, requiring a minimum of preliminary effort on the part of the issuer. Inclusion of securities into the Non-Listed Securities Schedule may be the first step towards their subsequent inclusion on one of the Quotation Lists for further enhancement of the company’s status.
2) Securities that go through the listing procedure are included into:
- Quotation List А, 1st level
- Quotation List А, 2nd level
- Quotation List B
- Quotation List V
- Quotation List I
Quotation Lists are different in terms of their requirements. To maintain securities in Quotation Lists, requirements concerning liquidity (volume of trading in securities), becoming stricter when moving from a lower level to a higher one, shall be complied with. Securities may be included into a Quotation List both at the stage of circulation and in the course of issuance. Quotation Lists V and I are intended for those securities placed for the first time by way of initial public offering at the stock exchange via a broker organizing the placement.
Inclusion of the issuer’s securities into the Non-Listed Securities Schedule and inclusion of the same on Quotation Lists (upon passing through the listing procedure) are compared in the table below.
| Inclusion of securities on the Non-Listed Securities Schedule | Inclusion of securities on Quotation Lists A1, A2. B, V, I (with listing) |
| Time to spend: 14 – 19 days | Time to spend: 31 – 41 days |
| Expenses: free of charge | Expenses: from 105,000 to 265,000 rubles |
| Subsequently, inclusion into a Quotation List is possible (upon 3 months of circulation and on condition of compliance with the requirements of the quotation list). | Issue of ADRs and GDRs is possible for circulation on foreign markets. |
| Reduction of the time between issuing securities to investors and the beginning of their circulation at the stock exchange in case of inclusion into Quotation List V or I. | |
| A simple mechanism of attraction of short-term loans via issuing commercial paper is available. | |
| Control on the part of the stock exchange over abrupt changes in security price. |
The total quantity of securities admitted to trading at ZAO MICEX SE as of the 1st of July 2009:
| List | Equities | Bonds | Commercial Paper | Eurobonds | IUF |
|---|---|---|---|---|---|
| A, 1st level | 17 issues 14 issuers |
150 issues 83 issuers |
8 issues 1 issuer | 7 IUF, 7 MC | |
| A, 1st level (IGC Sector) |
1 IUF, 1 MC | ||||
| A, 2nd level | 13 issues 10 issuers |
16 issues 14 issuers |
2 IUF, 2 MC | ||
| B | 63 issues 59 issuers |
114 issues 100 issuers |
23 IUF, 15 MC | ||
| V | 2 issues 1 issuers |
18 issues 9 issuers |
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| I | 1 issues 1 issuers |
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| NLSS | 202 issues 149 issuers |
392 issues 313 issuers |
10 issues 4 issuers |
273 IUF, 88 MC | |
| NLSS (IGC Sector) |
2 issues 2 issuers |
| Instruments – Total | 1315 issues 741 issuers |
