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MICEX Discovery

MICEX Discovery Project (Stock Market Discovery)   Goals and Principles   Methodology of Selecting Companies   Assessing Companies’ Informational Transparency   Informational Sponsorship   List of Issuers   Contacts

The MICEX Stock Exchange is currently implementing the MICEX Discovery project (Stock Market Discovery), which involves admitting shares of second and third echelon companies to the exchange. Within the bounds of this project, in August 2008, the exchange started trading in first issuers, which, according to the resolution of the Board of Directors of the MICEX SE CJSC, are included on the list of securities traded on the exchange. The uniqueness of their entry into the exchange is their acceptance to trading without the issuer’s application or information disclosure level stipulated by the Russian law on the securities market.

“Admitting new issuers to exchange trading within the MICEX Discovery project provides additional opportunities for Russian and foreign investors in the Russian stock market. These companies have the ability to issue IPOs in the future and not only be representatives of the second echelon, but to become “blue chips”.

Director General of MICEX SE, Alexei Rybnikov

The “Discovery” sector operates as part of the exchange’s common market with a specific procedure for accepting shares to trading and criteria for selecting companies:

  • Only shares whose security prospect is registered with the FSFM (regional branches of the FSFM) in the established order are included in the Sector;
  • To accept shares to trading, it is not necessary to receive issuers’ applications; the decision to include shares is made on the initiative of the Directorate of the MICEX SE;
  • Shares of the company shall be accepted to service in the exchange’s settlement depositary – the NDC;
  • In order to select companies, the special methodology of selecting companies is used, which targets companies that are of interest to trading participants who have certain liquidity on the market and the necessary level of transparency;

Two pieces of information about the issuer are used as criteria to assess the informational transparency of companies:

  • Information disclosure in the form of material facts and data that can significantly influence the value of the issuer’s securities;
  • Periodic disclosure of information in the form of quarterly and annual statements, as well as the disclosure of issue and statutory documents.

To reduce the level of risks connected with the disclosure of information by companies – issuers, the MICEX Stock Exchange has introduced the Institute of Informational Sponsorship by executing agreements with informational agencies authorized by the FSFM of Russia for the official disclosure of significant facts by companies – issuers.

The implementation of the MICEX Discovery project makes it possible to raise the liquidity of the stock market, foster the growth of the issuer’s transparency, and consolidate the MICEX Stock Exchange’s position as the center of liquidity formation for Russian assets. Within the bounds of the MICEX Discovery project, ordinary shares of a number of issuers are currently accepted to trading.

MICEX Discovery Project Presentation (In Russian)