Chief Executive Officer Alexander Afanasiev of the OAO Moscow Exchange had said that the Russian bourse is considering a trading extension by an hour, closing the market at 7:40PM local time. The bourse's decision was spurred due to the elimination of Russia's annual winter clock change. Afanasiev reasoned that the move will allow an overlap with the trading day in the US, which in turn will allow American investors more time to trade in the Russian bourse. Stocks of Russian companies that are traded in New York yesterday experienced a 0.5% increase, while Micex Index dipped 0.1 in Moscow.
Data compiled by Bloomberg indicated that trading volumes of Russian stock in London last year average 50%, prompting exchange officials to increase its efforts to boost trading in Russia. The report said the OAO Moscow Exchange transitioned to a settlement that ran for two days in September, and that Russian equities will be made available next year through Euroclear Bank SA. The halting of the implementation of winter time was done under then-President Dmitry Medvedev to help Russian people and its livestock's biorhythm, had hurt the exchange officials' efforts.
Afanasiev said in an interview in London December 9, "The overlap with the U.S. market trading which traders across the world focus on, is just 15 minutes now."
BCS Financial Group head of equity sales and trading Luis Saenz in London said via email, "Extending trading hours to say matching the NYSE close would be optimal in my view. This way western investors can trade Russia in a better light, closer to their time zone. It would be a win-win situation. Investors can trade longer, and the Moscow Exchange will have increased volumes as a result." Saenz added that an extra hour of trading in Moscow could increase its trading volumes by a maximum of 8%.
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