Thursday 26th May 2016
NEWS TICKER: THURSDAY, MAY 26TH - Pirum Systems says Ben Challice will be joining as chief operating officer, responsible for strategic product and market development. Challice joins from Nomura, where he headed up Global Prime Services – which included Equity Finance, Prime Brokerage and Delta One at Nomura and previously held senior positions at Lehman Brothers and Goldman Sachs - Catella has appointed Antti Louko to head its Finnish operations and to establish a new corporate finance unit in Helsinki. Louko will join Catella as managing director of Catella Property Oy and head of the new corporate finance unit, from November. Louko joins Catella from a role as head of real estate at Advium Corporate Finance Oy where he headed the real estate team. He previously worked as the director responsible for transactions at SRV Group, and at Aberdeen Property Investors - Advanced payments tech firm SafeCharge says Umberto Corridori has been appoint vice president of sales for Europe. Corridori has held senior roles in large companies such as Dell Italy and joins after a long tenure at PayPal where he served as head of sales Italy & iGaming CEMEA - AIM-listed Xtract Resources PLC says it has entered into an agreement to sell the Manica Gold project in Mozambique to Nexus Capital and Mineral Technologies International Ltd for $17.5m in cash. The firm says some of the proceeds will be used to settle outstanding payments owed to Auroch over the acquisition of the Manica licence. Xtract adds that it expects to have remaining cash proceeds of approximately $12m. Under the agreement, Xtract will sell its 100% interest in Explorator Limitada, the entity which holds title to the Manica mining licence 3990C on completion of the deal. Xtract said it is expected that a bankable feasibility study, to assess the viability of developing and mining a hard rock gold deposit identified within the Manica licence, will be completed in the second quarter of 2016, Mine construction is planned to begin in the fourth quarter, with first production to follow in the final quarter of 2017. Mining of the alluvial gold deposit is planned for the third quarter this year – The European Bank for Reconstruction and Development (EBRD) is providing up to €294m in local currency equivalent for two ground-breaking projects to increase the use of domestically produced natural gas and largely replace the use of coal in Kazakhstan. The first project is the upcoming modernisation and refurbishment of the underground storage in Bozoi in the Bank’s first-ever cooperation with the national gas company KazTransGas (KTG). An EBRD loan equivalent to €242m in local currency to the KazTransGas subsidiary Intergas Central Asia will allow for the upgrade of the storage to its full capacity of 4bn cubic metres (bcm), from the current limit of 2.6 bcm - United Utilities reported a 0.6% rise in full year revenue to £1.73bn this morning, although the new regulated price controls contributed to a 9% drop in underlying operating profit to £604m. The company says it is confident of reaching its targets for capital expenditure in the first year of the new regulatory period and announced plans to invest £100m across the 2015-2020 period in renewable energy projects, mainly solar power. The final dividend was raised 2% to 25.6p, making a total of 38.45p for the year – Ahead of its planned initial public offering in Australia, fantasy sports app Sports Hero has raised an additional $2.4m in funding. SportsHero is a new app that lets sports fans dabble in match predictions and show their skills off against friends and other game-watchers. The app is made by the team behind Singapore-based TradeHero, a virtual trading app backed by more than $10m from investors. - DONG Energy has set an indicative price range for its planned stock market listing of 17.4% of its shares at DKR200 to DKR255 per share, giving the group a market value of DKR83.5bn to DKR106.5bn ( between $12.6bn and $16bn), making it Europe’s biggest float this year. The state-controlled company, is one of the world’s largest offshore wind farm developers -

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Russian T+3 Settlement set for Mid-November

Wednesday, 25 April 2012
Russian T+3 Settlement set for Mid-November The Russian switch from T+0 settlement towards a T+3 settlement is now likely to take place in Mid-November according to an announcement made by the MICEX-RTS exchange at an event they held in London yesterday. This is later than previously suggested with the delay put down to the slower than expected introduction of a single central securities depositary (CSD) and CCP. http://www.ftseglobalmarkets.com/

The Russian switch from T+0 settlement towards a T+3 settlement is now likely to take place in Mid-November according to an announcement made by the MICEX-RTS exchange at an event they held in London yesterday. This is later than previously suggested with the delay put down to the slower than expected introduction of a single central securities depositary (CSD) and CCP.

“The current T+0 settlement system has long been an issue for international institutional investors.” claimed Denis Svechnikov, head of client relations and DMA sales at Russian broker URALSIB Capital Financial speaking at the Tradetech Emerging Markets conference also held in London yesterday. The creation of a recognised CSD should release funds from US institutional investors that had been prevented from investing by the current system. Currently many of these investors had therefore been drawn to the London Stock Exchanges International Order Book (IOB) where a large number of Russian Depositary Receipts (DRs) are listed.

Local brokers had been offering T+3 funding before this, but because of the funding requirements over the three days it had put off some investors.  Vahan Vardanian, manager of IT at MICEX-RTS felt that the creation of the CSD and the change to T+3 would remove two of the biggest obstacles to for investors though he felt that issues around transparency, reporting and corporate governance would take longer to change.



Stas Surikov, head of prime brokerage and electronic trading at BCS Financial issued a word of caution regarding the rapid changes on multiple fronts taking place in Russia. “These changes are undoubtedly much needed, but there is a concern that they will be forced through too quickly, in order to have them in place before a planned MICEX-RTS IPO”. A date for the IPO has yet to be announced though it has been reported that it has been scheduled for 2013.

The changes should attract even greater flow from the high frequency segment to the Russian market. There has been a significant increase in high frequency activity on the Russian exchange in the last 24months and MICEX’s Vardanian estimates that as much as 40% of transactions on the exchange are now accounted for by HFT. However this figure varies between product with some brokers estimating the figure to be as high as 75% in FX versus only 25% in equities.

For more information about the Russia market please register to attend FTSE Global Market’s Accessing Russian event hosted in London on 23rd May. For more information go to www.accessingrussia.com or contact Adam Cuthbert on adam.cuthbert@berlinguer.com">adam.cuthbert@berlinguer.com

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