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    Stock Petersburg // SPCE will compete for the market share of the Moscow Exchange

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    The St. Petersburg Currency Exchange (SPVB) is negotiating the connection of brokers, Kommersant sources say. The platform intends to trade OFZs, conduct an IPO and “pull off some of the functionality of the Moscow Exchange.” However, experts do not see any practical sense in the development of the same directions on the two Russian stock exchanges in conditions of limited capital movement. In their opinion, SPCE could specialize in a narrower topic, such as digital financial assets (DFA).

    According to two Kommersant sources in the financial market, SPCE is actively negotiating with professional participants in the securities market on their connection to the site. Negotiations, according to one of Kommersant‘s interlocutors, are being conducted with sanctioned banks – Alfa-Bank, FC Otkritie, Sberbank. The second source of Kommersant clarifies that VTB and PSB have already connected to SPVB. The plans of the exchange, according to the interlocutors of Kommersant, include OFZ trading, an IPO and a gradual transfer of securities of sanctioned issuers from the Moscow Exchange. : banks, brokerage companies, etc.». The platform also plans to place OFZs and other securities, including corporate shares, bonds, sovereign loans of friendly countries.

    trading and the Central Bank launched the stock section. At the end of March, the exchange entered into a contract for the purchase of computing power for $ 3.5 million (see Kommersant dated May 19).

    VTB declined to comment, Otkritie stated that they about such plans. PSB, Alfa-Bank and Sberbank did not respond to requests from Kommersant. The consent of the largest participants in exchange trading will depend “on the tariff policy of SPCE and a realistic plan for the development of its own infrastructure,” says Anna Avakimyan, chief analyst at Regblok.

    caution. They note that since 2019, the exchange has already changed its leadership three times (in January it was headed by Boris Yaryshevsky, ex-head of the strategy and development projects department at PSB). One of Kommersant’s interlocutors is convinced that a year ago such “Napoleonic plans” would not have appeared on the agenda at all, “under the new conditions, the exchange and its new management decided to take the opportunity and intercept some of the functionality in demand from the Moscow Exchange.”

    Experts question the obvious advantages of SPCE for investors and brokers. The transfer of assets and the movement of trading participants from one platform to another does not look like a solution to the problem if, for example, OFAC decides to prevent the interaction of Russian exchanges with Asian ones, says Ekaterina Makeeva, head of the sanctions practice at A-Pro. Although SPCE has connected players, the market participant explains, they are not yet ready to give access to end customers.

    another”. Georgy Okromchedlishvili, senior analyst at ITS WM’s multi-family office, also doubts the benefits of cross-flows: “If large Russian issuers start listing on the SPCE, and prohibitions on capital outflows persist, will it even make sense to have several large exchanges in such a closed capital market?”

    According to Dmitry Alexandrov, Managing Director of Ivolga Capital, listing on several sites makes sense if it gives access to different investors or allows trading 24 hours a day due to different time zones. Last year, he notes, there were already “not very successful attempts by SPB Exchange to take part of the turnover in ruble instruments from the Moscow Exchange and there are no prerequisites for a different result from SPCE”. This exchange, according to Mr. Alexandrov, would be expedient to concentrate on a relatively narrow specialization, such as CFA.

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